About 21 stocks on the Nifty 500 ended in green and had gained between 1% and 7% even as the trends in the election result triggered a havoc in domestic markets today (June 4).
Shares of Marico, Britannia Industries, and Hero MotoCorp touched all-time high levels on Tuesday's session.
Although the count is still ongoing, the BJP party led by Modi appears unlikely to win more than 272 seats (2024: 230–240 seats versus 2019: 303 seats).
The Nifty 50 touched an intraday low of 21,281.45, while Sensex, hit an intraday low of 70,234.43 level.
Can look for selective buying in stocks such as HUL and Britannia" said Ruchit Jain, Lead Research Analyst at 5paisa.
About 21 stocks on the Nifty 500 ended in green and had gained between 1% and 7% even as the trends in the election result triggered a havoc in domestic markets today (June 4). Shares of Marico, Britannia Industries, and Hero MotoCorp touched all-time high levels on Tuesday's session.
The other stocks that ended in green were Hindustan Unilever Ltd (HUL), Dabur India Ltd, Sun TV Network Ltd, Colgate-Palmolive (India) Ltd, Avenue Supermarts Ltd, United Breweries Ltd, Nestle India Ltd, Godrej Consumer Products Ltd, Pidilite Industries Ltd, United Spirits Ltd, Max Healthcare Institute Ltd, Procter & Gamble Hygiene & Healthcare Ltd, Abbott India Ltd, Tata Consumer Products Ltd, Page Industries Ltd, and UTI Asset Management Company Ltd.
Also Read: Stock market today: Nifty 50 records biggest single-day fall in over 4 years; Sensex crashes over 4,000 points
The real counting of ballots today (Tuesday, June 4) indicates, in contrast to exit polls based on sample data, that Modi's NDA has a considerably weaker mandate. Although the count is still ongoing, the BJP party led by Modi appears unlikely to win more than 272 seats (2024: 230–240 seats versus 2019: 303 seats). This would require the party to form an alliance with other parties, suggesting the return of coalition government politics to India after a decade of single-party rule, according to a report from global brokerage UBS.
The domestic benchmark indices lost over 5% on Tuesday's session. The Nifty 50 touched an intraday low of 21,281.45, while Sensex, hit an intraday low of 70,234.43 level.
the 30-share BSE Sensex ended lower by 4,389.73 points or 5.74% at 72,079.05 level while the Nifty 50 closed at 21,884.50 level, down 1,379.40 points or 5.93%.
Also Read: Election Results 2024: Metal Index crashes 10%: NALCO, SAIL, NMDC Hindustan Copper share price dip up to 19%
Mostly the Fast-Moving Consumer Goods (FMCG) stock were the ones that were trading in the green despite the sharp decline in the market as a whole is not pleased of the counting, which is not providing National Democratic Alliance (NDA) with a clear mandate. There is neck to neck competition which can make the opposition stronger.
“FMCG sector is expected to show some relative outperformance on back of higher volatility in markets. This index has consolidated in a range in last few months and we could see some buying interest if broader markets witness profit booking. Can look for selective buying in stocks such as HUL and Britannia" said Ruchit Jain, Lead Research Analyst at 5paisa.
The decline in the price of crude oil during the last four to six sessions is another reason for a rise in FMCG stocks. These companies will profit from falling crude oil prices since it is a significant raw resource for them.
According to Saish Sandeep Sawant Dessai, Analyst, base metals, Angel One Ltd, Crude oil prices are likely to remain under pressure given the OPEC's decision and weak demand growth.
Also Read: Immediate support for Nifty at 21,200? Experts outline key levels to watch out for after today's market crash
Disclaimer: The views and recommendations above are those of individual analysts, experts, and brokerage firms, not Mint. We advise investors to consult certified experts before making any investment decisions.
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