The Indian stock market witnessed another day of gains as the benchmark indices continued their upward momentum. The Sensex recorded a significant gain of nearly 350 points, closing at 62,846. Similarly, the Nifty 50 ended the day on a positive note, just below the 18,600 mark. However, both indices cooled off from their respective day's highs, with the Sensex retreating by 180 points and the Nifty 50 declining by 40 points.
The Nifty Bank index also displayed strength, gaining nearly 300 points to end at 44,311, contributing to the overall positive sentiment in the market.
All sectoral indices ended higher, with the realty, metal, and financial sectors emerging as the top gaining indices. Investors showed confidence in these sectors, driving their prices up and signaling market optimism.
Among the notable performers in the market, Mahindra & Mahindra (M&M) stood out as the top gainer in the Nifty 50. Positive brokerage notes supported the stock, leading to a rise of over 4 percent. Reliance Industries Limited (RIL) also experienced an upswing, with its market capitalization crossing the ₹17 lakh crore mark and the stock ending 1 percent higher.
In the news, ICICI Lombard shares rallied 10 percent following ICICI Bank's plan to increase stake in the company. This development boosted investor confidence in ICICI Lombard, resulting in a significant price surge. Lupin, a pharmaceutical company, gained over 3 percent after Health Canada approved its generic version of Spiriva.
Other notable gainers included IRCTC, which ended the day with a gain of more than 3 percent ahead of its Q4 earnings, and companies like Engineers India Limited (EIL), Greenlam, Krsnaa Diagnostics, Medanta, NIIT, and SML Isuzu, which saw a rise in stock prices after reporting positive Q4 earnings.
On the flip side, certain companies experienced a decline in stock prices following their Q4 earnings announcements. City Union Bank, GMR, Indigo Paints, Balkrishna Industries, and MOIL were among the companies that witnessed a slip in their stock prices.
Overall, the stock market displayed a positive trend, with the benchmark indices continuing their upward trajectory for the third consecutive day. The market showed resilience despite some profit booking at higher levels. The June F&O series started on a strong note, setting an optimistic tone for the coming weeks.
Investors and traders are advised to stay updated on the latest market trends and closely monitor sectoral performances for potential profit opportunities. The Indian stock market remains dynamic, offering exciting prospects for market participants.