Share Market Live Updates June 6: NDA leaders have backed Narendra Modi’s Bharatiya Janata Party to form the government for the third time. Modi will take oath as Prime Minister on June 8. The impact of this news will be seen on the local stock market today. A glimpse of which was seen in Gifty Nifty. Today it was trading at 22,680, a premium of about 100 points from the previous close of Nifty futures. This indicates a positive start for Sensex-Nifty.
If we talk about global cues, American stock markets closed higher on expectations of interest rate cut by the Federal Reserve after weak economic data. After this there was a boom in the Asian markets.
Japan’s Nikkei 225 rose 1.12%, while the Topix gained 0.65%. Hong Kong’s Hang Seng index futures opened weak. South Korean markets were closed for public holidays.
State of Wall Street: U.S. stocks rallied on Wednesday, with the S&P 500 and Nasdaq hitting record highs, led by tech stocks. The Dow Jones Industrial Average rose 96.04 points, or 0.25 percent, to 38,807.33, while the S&P 500 rose 62.69 points, or 1.18 percent, to 5,354.03. The Nasdaq Composite rose 330.86 points, or 1.96%, to 17,187.91.
Earlier on Wednesday, the Indian stock market took a U-turn and the Sensex-Nifty gained more than 3%. The Sensex rose 2,303.19 points or 3.20% to close at 74,382.24, while the Nifty 50 gained 735.85 points or 3.36% to close at 22,620.35.