Closing Bell: Markets Extend Rally for Third Straight Day; Nifty, Sensex Hit Record Highs

Closing Bell: Markets Extend Rally for Third Straight Day; Nifty, Sensex Hit Record Highs

Mumbai: Indian equity markets witnessed another day of bullish momentum on Tuesday, June 7, with key indices Nifty and Sensex extending their rally for the third consecutive session.

The benchmark BSE Sensex soared by a massive 1600.55 points, or 3.33%, to close at 49,223.74, its highest ever closing level. The broader NSE Nifty also surged by 470.80 points, or 3.36%, to settle at 14,524.80, marking a new lifetime peak.

The surge in the markets was driven primarily by positive global cues and optimism over the upcoming earnings season. Positive manufacturing data from the US and Europe, along with a rise in crude oil prices, boosted sentiment.

Across sectors, all the major indices closed in the green. The Nifty Bank index led the rally, rising by 4.43%, followed by the Nifty Metal and Nifty Auto indices, which jumped by 3.78% and 3.68%, respectively.

Top Gainers:

JSW Steel (+11.90%)
ONGC (+9.04%)
Hindalco (+8.87%)
Tata Steel (+8.43%)
IndusInd Bank (+6.76%)

Top Losers:

Hindalco (-4.38%)
SBI Life (-3.48%)
HDFC Asset Management Company (-2.97%)
Maruti Suzuki (-2.53%)
Eicher Motors (-2.32%)

Market Experts Weigh In:

“The markets continue to derive support from the positive global cues and expectations of better-than-expected earnings in the coming quarters,” said Vinod Nair, Head of Research at Geojit Financial Services.

“The sentiment is positive, and the markets are expected to continue their upward trajectory in the near term,” added Ajit Mishra, VP – Research, Religare Broking.

Key Highlights:

The India VIX, a measure of market volatility, fell by 3.30% to 19.13.
The market breadth was strongly positive, with 2,209 stocks advancing and 438 declining on the BSE.
Foreign institutional investors were net buyers, purchasing equities worth over Rs 4,000 crore.