Top gainers, losers today: Tata Steel, Kotak Bank, Tata Motors, Suzlon; check full list here
Indian equities gain as investors are optimistic for a positive revision in the RBI's inflation forecast during the ongoing MPC meeting. Sensex surged by 0.56% to end at 63,142.96 while Nifty 50 ended at 18,726.40 up by 0.68%. Midcap and smallcap stocks continue to shine to new highs.
PremiumIt was a cheerful day for Indian equities on Wednesday as investors prepare themselves for RBI's second bi-monthly monetary policy scheduled for June 8th. Experts believe traders are optimistic on RBI’s inflation forecast and economic growth. RBI is expected to maintain a status quo for the second time in a row. Also, foreign institutional investors (FIIs) turned net buyers after a brief halt which was another key contribution to the upside in markets. Midcap and smallcap stocks continue to shine to new highs.
On June 7th, broad-based buying across indices led to Sensex ending at 63,142.96 up by 350.08 points or 0.56%. While Nifty 50 ended at 18,726.40 up by 127.40 points or 0.68%. Metal stocks outperformed, while FMCG, realty, and oil & gas also witnessed substantial upside.
On NSE and BSE, all sectoral indices were in green.
Talking about current market performance, Vinod Nair, Head of Research at Geojit Financial Services said, "investors are becoming more optimistic due to the anticipation of a positive revision in the RBI’s inflation forecast during the ongoing MPC meeting. It is expected that the RBI will maintain its pause on rate hikes, considering the significant improvement in inflation, which has now come within the RBI's comfort zone."
Furthermore, Nair added, "the participation of FIIs as net buyers, after a brief halt, contributed to today's market rally, particularly driven by mid- and small-cap stocks."
Read here: RBI monetary policy: This is why governor Shaktikanta Das may not be able to cut repo rate just yet
About 2,259 stocks advanced on Wednesday, while 1,302 stocks declined and 137 stocks remained unchanged. A total of 257 stocks touched new 52-week high, however, 30 stocks clocked new 1-year low.
Here is a list of top gainers and losers during Wednesday's trading session.
Sensex:
Top gainers: Nestle (+2.97%), Tata Steel (+2.29%), Tata Motors (+2.21%), Bharti Airtel (+1.70%), and L&T (+1.66%).
Top losers: Kotak Bank (-1.15%), Bajaj Finance (-0.51%), M&M (-0.35%), ICIC Bank (-0.24%), and Maruti Suzuki (-0.21%).
Read here: FIIs extend buying in Indian equities on June 7, pumps in nearly ₹1,383 crore; DIIs also invest ₹392 crore
Nifty 50:
Top gainers: Britannia Industries (+4.17%), Tata Consumer Products (+3.89%), BPCL (+3.30%), Nestle India (+2.99%), and HDFC Life (+2.67%).
Top losers: Kotak Bank (-1%), Cipla (-0.98%), Maruti Suzuki (-0.65%), Bajaj Finance (-0.41%), and Adani Ports (-0.26%).
BSE:
Top gainers: Suzlon Energy (+18.03%), JP Associates (+13.42%), Strides Pharma (+10.19%), Nava (+9.11%), and JBM Auto (+9.05%).
Top losers: Wockhardt (-3.24%), Indo Count Industries (-2.84%), BEPL (-2.67%), Rajesh Exports (-2.55%). and NCC (-2.43%).
NSE:
Top gainers: Williamson Magor & Company, Palash Securities, S.E. Power, Alkali Metals and Orissa Bengal Carrier hit a 20% upper circuit each.
Top losers: Vertoz Advertising end at 10% lower circuit, Somi Conveyor (-8.68%), Anik Industries (-6.83%), Praxis Home Retail-RE (-6.25%), and Intrasoft Technologies (-5.86%).
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