The polls ended on Saturday, June 1, and exit polls were broadcast on the same evening by various channels. Almost all channels predicted the exit polls to top 380 and on June 3 i.e. Monday Nifty showed a rally of 800 points. The rally showed that it also registered an all-time high of 23338.70. Sensex rose by 2,500 points, while Bank Nipper jumped by 2,000 points. But the actual results were announced on Tuesday and the exit polls blew the numbers. As the BJP was unable to achieve majority on its own, the stock market was hit as follows.
Nifty 1379 points spread Bank Nifty 4052 points spread Sensex 5444 points fall. Nifty closed at 23290, Sensex at 76693 and Bank Nifty at 49803 as markets recovered for the next three days. Realty, IT, FMCG and auto stocks gained well this week. All shares in the realty index rose more than five percent. Prestige Estates (CMP – Rs 1,761) rose 14.5 percent. On Friday, it also registered a high of 1822 for the year. This share has almost quadrupled in a year.
All the stocks in the IT index showed strong gains. Infosys Emphensis, TCS, HCL Tech, LTI Mind Tree, LTTS, Cocoorge, Persistent all gained 4-9 percent. Shares of Wipro and Tech Mahindra fell by 11 percent.
Meteorologists have predicted more than average rainfall this year. If the amount of monsoon remains good, rural consumption increases. Moreover, the rural schemes are expected to get a booster from the new government, so the FMCG sector, which has stagnated for several months, has shown signs of recovery. Shares of Colgate Palmolive, Britannia, Dabur, United-Spirits, Manrico and Godrej Consumer Products hit a weekly high of 52 Week High.
The situation of FMCG, the same of the auto sector! Demand for vehicles is part of Rural Consumption. Shares of Mahindra & Mahindra, Ashok Leyland, Balkrishna Industries, Bharat Forge, Exide Industries, Hero Moto and Sanskunft Motherson showed 52 Week High figures for the week. One stock made a splash this week and that is the stock.
Heritage Foods! Rs. The stock closed at 661.25 at the end of the week, giving returns of 56 percent for the week. 83 percent returns in last one month and more than 200 percent returns in one year. Established in 1992, the company is a dairy, agri and average, sales growth of 9 percent, profit, growth of 5 percent and return on equity of 8 percent. How did this stock deliver such a record-breaking return in one year, when the financial performance was so mediocre? Bhuvaneshwari Nara (Chandrababu Naidu's wife) owns 25 percent shares of this company. The Reserve Bank announced the first credit policy after the Lok Sabha elections on Friday. In the eighth consecutive meeting, the bank kept the repo rate unchanged. (6.5 percent) GDP growth forecast for FY 2025 was also raised to 7.2 percent from earlier 7 percent.
A list of eleven shares has been published on the portal of Business Today dated June 3. See the chart below for the highs these stocks have made during the five-year period from 30 May 2019 to 31 May 2024 during the second tenure of the Modi government.
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