- By Aditya Pratap Singh
- Mon, 03 Jun 2024 02:58 PM (IST)
- Source:PTI
Stock Market Gain Today: Shares of public sector enterprises as well as state-run banks increased by more than 12% on Monday, as benchmark indices hit record highs, a day after exit polls predicted a third term for the Prime Minister Narendra Modi-led government. During intra-day trading, indices of public sector units hit new peaks, in line with benchmark barometers setting new records.
In mid-session trading, the Nifty PSU Bank index surged 644.15 points, or 8.72 percent, to hit an all-time high of 8,030.15, while Bank of Baroda shares were trading 12.53 percent higher at Rs 298.10.
Central Bank of India rose 12.53 percent to Rs 72.55, State Bank of India rose 9.78 percent to Rs 911.55, Canara Bank rose 9.07 percent to Rs 128.70 and Indian Overseas Bank rose 8.35 percent to Rs 74.65. At one point, shares of Bank of Baroda and SBI touched their fresh 52-week highs of Rs 299.70 and Rs 912, respectively. Canara Bank also hit its fresh 52-week high in the stock market.
SBI added Rs 69,388.85 crore, taking its market valuation to Rs 8 lakh crore for the first time and becoming the first public sector bank to achieve the feat.
In addition, the Nifty CPSE index climbed over 7 percent to hit a record high of 7,075 points, led by Power Grid gaining 10.31 percent, NTPC 8.76 percent, Oil & Natural Gas Corp 7.23 percent, and Bharat Electronics Ltd (BEL) 7.11 percent.
Meanwhile, Power Grid, NTPC, and BEL touched their fresh 52-week highs at Rs 348.70, Rs 391.65, and Rs 323, respectively, on the NSE. The broader NSE Nifty rose 709.05 points, or 3.15 percent, to 23,239.75. In intra-day trade, the 50-share index climbed 3.58 percent to hit its lifetime peak of 23,338.70.
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In addition, the Nifty Bank index rose nearly 4 percent to hit a record high of 50,889.85.
On Saturday, most exit polls predicted that PM Modi would remain in power for a third consecutive term, and the BJP-led NDA is expected to win a landslide majority in the Lok Sabha elections.
The country's goods and services tax (GST) collections rose 10 percent to Rs 1.73 lakh crore in May, led by a rise in domestic transactions, indicating sustained economic momentum, the Finance Ministry said on Saturday. Government data released on Friday showed that India's economy grew 8.2 percent in the financial year ended March, strengthening the country's position as the fastest-growing major economy in the world.
The central government's fiscal deficit during 2023-24 is estimated at 5.6 percent of GDP, better than the previous estimate of 5.8 percent due to higher revenue receipts and lower expenditure, according to official data released on Friday.
(With PTI's Input)
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