The Indian stock market witnessed a bullish trend for the second consecutive day on Thursday, fueled by easing political concerns as the ruling NDA is set to form the government for the third time. The BSE Sensex surged by 692.27 points or 0.93% to settle at 75,074.51, while the NSE Nifty climbed 201.05 points or 0.89% to close at 22,821.40.
Major gainers included PSU Banks, IT, Realty, and Oil & Gas sectors, which saw an increase of 2-4%. However, FMCG sector witnessed profit booking. Analysts attribute the positive momentum to the anticipation of a stable government with the new coalition swearing in soon. Investors are also awaiting signals from the RBI regarding liquidity and policy measures expected to be announced in the upcoming budget.
Key stocks to watch on June 7 include Tata Chemicals, which was fined Euro 1.1 million by the Chester Crown Court in the UK for a safety incident in 2016. ICICI Bank has been asked by SEBI to take action against alleged employee outreach to influence votes on the delisting of ICICI Securities’ equity shares. Wipro secured a contract worth $500 million from a leading US communication service provider for managed services.
PB Fintech, the parent company of Policybazaar, received a show cause notice from SEBI regarding an investment transaction. Bajaj Finance announced that its subsidiary Bajaj Housing Finance has approved an IPO of equity shares valued at Rs 10 each, with a public issue aggregating up to Rs 4,000 crore. Overall, the market outlook remains positive with investors keeping a close eye on these developments.