- By Aditya Pratap Singh
- Wed, 05 Jun 2024 04:02 PM (IST)
- Source:JND
Stock Market Closing Bell: The benchmark equity indices Sensex and Nifty made a significant comeback on Wednesday, gaining more than 3% each after suffering a massive fall in the previous session following lower-than-expected polling results. Recovering from Tuesday's fall, the 30-share BSE Sensex rose 2,303.19 points, or 3.20%, to close at 74,382.24, led by value buying in banking, auto, and oil stocks. During the session, it climbed 2,455.77 points, or 3.40%, to hit 74,534.82. The NSE Nifty climbed 735.85 points, or 3.36%, to hit 22,620.35.
During the session, the benchmark rallied 785.9 points, or 3.59%, to hit 22,670.40. Heavy buying in HDFC Bank, ICICI Bank, and Reliance Industries helped the indices post strong gains. While the NDA is well above the majority mark of 272 in the 543-member Lok Sabha, the BJP has missed the magic figure for the first time since 2014 and is reliant on its allies to form a government.
Also Read: Stock Market Closing: Sensex Surges Over2,300 Points, Nifty 50 Ends Trade Over 22,600
The Election Commission has declared the results of all 543 Lok Sabha constituencies, in which the BJP has won 240 seats and the Congress 99. All 30 Sensex stocks closed in the green, with IndusInd Bank jumping more than 7%. Tata Steel, Mahindra & Mahindra, Bajaj Finance, Kotak Mahindra Bank, Hindustan Unilever, HDFC Bank, Axis Bank, and JSW Steel were also among the major gainers.
In Asian markets, Seoul closed with gains, while Tokyo, Shanghai, and Hong Kong closed with losses. European markets were trading in the green. US markets closed in the positive zone on Tuesday.
The global oil benchmark Brent crude rose 0.14% to $77.61 per barrel. According to exchange data, foreign institutional investors (FIIs) sold shares worth Rs 12,436.22 crore on Tuesday. The market suffered its worst trading day in four years on Tuesday as the BJP missed the magic figure for the first time since 2014. On Tuesday, the BSE benchmark Sensex tumbled 4,389.73 points, or 5.74%, to close at an over two-month low of 72,079.05. During the day, the barometer plunged 6,234.35 points, or 8.15%, to hit a nearly five-month low of 70,234.43.