Buoyed by optimism, the market turned in strong gains again, with the Sensex jumping higher in the afternoon

Stock Market Intraday Trading: Domestic stock market opened bullish on Wednesday, June 5, 2024 on expectations of formation of BJP-led NDA government in 18th Lok Sabha. With an optimistic attitude, the afternoon trade started and there was a huge surge in deals. The 30-share BSE Sensex rose 1,772.04 points to 73,851.09 in afternoon trade, making a strong comeback after Tuesday's heavy fall. Whereas the NSE Nifty gained 560.5 points to trade at 22,445 points. According to stock market data, foreign institutional investors (FIIs) were sellers in the capital market on Tuesday and sold shares worth a net Rs 12,436.22 crore. No political party got an absolute majority in the 18th Lok Sabha election results. Markets fell sharply on Tuesday after the BJP-led National Democratic Alliance (NDA) got a smaller-than-expected majority, but on Wednesday, hopes of the NDA forming a government have resurfaced among investors. The Election Commission of India has declared the results of 543 Lok Sabha constituencies in the country. In this, BJP has won 240 seats and Congress has won 99 seats. At the same time, Telugu Desam Party's Chandrababu Naidu and JDU's Nitish Kumar have emerged as kingmakers. The BJP-led NDA has a majority in the Lok Sabha and Prime Minister Narendra Modi is set to form the government for a third consecutive term. Mahindra & Mahindra is witnessing a strong rally in the market amid this perception of maximum returns for investors. Among the 30 Sensex-listed companies, shares of Mahindra & Mahindra, Hindustan Unilever, Asian Paints, IndusInd Bank, Kotak Mahindra Bank and Nestlé were among the top losers, followed by shares of Larsen & Toubro, Power Grid and State Bank of India. In Asian markets, South Korea's Kospi continued to gain, while China's Shanghai Composite, Hong Kong's Hang Seng and Japan's Nikkei were in losses. US markets ended on a positive note on Tuesday. Global oil benchmark Brent crude futures were down 0.04 percent to trade at US$77.49 a barrel. Market recovers from fears of unexpected election results, jumps up to 948.83 points The post Expected market rebounds, Sensex jumps high in the afternoon appeared first on Prabhat Khabar.