Sensex and Nifty soar over 2.5%; Adani Ports leads gainers

The BSE Sensex was up by 2.56 per cent, or 1890 points, to 75,851.51, while the NSE Nifty was at 23,114, up by 2.59 per cent, or 584 points. A total of 3,380 stocks were actively traded; 2,738 advanced, 530 declined, and 112 remained unchanged. On Monday, the BSE’s 192 stocks hit a 52-week high, and 23 stocks hit a 52-week low.

Deven Mehata, Research Analyst, Choice Broking, said, “The benchmark Sensex and Nifty indices are expected to open gap-up on June 3, following GIFT Nifty trends indicating a gain of 842 points (3.71 per cent) for the broader index.

After a huge gap up opening, Nifty can find support at 23,200, followed by 23,100 and 23,000. On the higher side, 23,650 can be immediate resistance, followed by 23,700 and 23,800.

The charts of Bank Nifty indicate that it may get support at 50,000, followed by 49,900 and 49,800. If the index advances further, 50,300 would be the initial key resistance, followed by 50,500 and 50,700.

Foreign institutional investors (FIIs) turned net buyers on the final day of the month, buying Indian equities worth Rs 1,613.24 crore, while domestic institutional investors bought equities worth Rs 2,114.17 crore on May 31.

INDIAVIX was flat to positive on Friday and is currently trading at 24.6025.

After the exit poll on Saturday evening, Indian markets are ready for a big gap-up opening. Traders holding long positions are advised to book profits after a gap-up opening before the results of the general elections in 2024. Investors are advised to hold a long position with a trailing stop loss of 23000 on a closing basis.

The top gainers on the NSE at 9.30 am include Adani Ports (8.39%), Shriram Finance (7.32%), Power Grid (6.79%), Adani Enterprises (6.76%), and BPCL (5.85%). The top losers include Eicher Motors (-0.55%) and LTIMindtree (0.04%).

BSE Smallcap was up by 2.02 per cent, and BSE Midcap was up by 2.85 per cent, indicating gains.

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