D-Day for India as vote counting gets underway. It will decide the fate fo India for the next five years, plus set the tone for Policy going forward. GIFT Nifty indicated that Indian equity indices BSE Sensex and NSE Nifty 50 may see a higher opening on Tuesday. Here are some top cues you need to know before the markets open.
GIFT Nifty was 104.50 points or 0.45% higher at 23,572 indicating a positive start for the domestic indices NSE Nifty 50 and BSE Sensex on Tuesday. Previously, on Monday, the NSE Nifty 50 closed 733 points or 3.25% higher to finish at 23,264, while the BSE Sensex soared 2,507.47 points or 3.39% to finish at 76,469.
Top cues to know before share market opens on June 04, 2024
Exit Polls
The top exit polls are predicting a one-sided victory for NDA. It is expected to win 370 seats (NDA had won 353 seats in 2019) according to the average of all exit polls. Today’s Chanakya, the only agency that predicted the 2014 seats correctly, has estimated 400 seats for NDA. Meanwhile, the highly respected and eagerly awaited Axis MY India Exit Poll (the agency that accurately predicted 2019 and also has a track record of correctly predicting 64 out of 69 polls to date) has placed the NDA in the higher range with 400 seats (361-401).
Will Nifty reclaim 24,900 on Thursday? See GIFT Nifty, FII data, F&O, crude, and more before market opens Will Nifty continue to see positive momentum from 24,300 on Friday? See GIFT Nifty, FII data, F&O, crude, and more before market opens Will Nifty hold 24,300 on Tuesday? See GIFT Nifty, FII data, F&O, crude, and more before market opens Stocks To Watch: Eicher Motors, LIC, Cochin Shipyard, Biocon, Oil India, SJVN, Grasim, Alkem Lab, OLA Electric Mobility
GDP
India’s economy grew 7.8 per cent in the March quarter, pushing up the annual growth rate to 8.2 per cent, according to official data released on Friday. Growth in the January-March period was lower than the 8.6 per cent expansion in the December quarter. As per the data, the economy expanded 8.2 per cent in 2023-24 against a 7 per cent growth in 2022-23.
FPI Flows Come from Sports betting site VPbet
On the back of good exit poll numbers, favouring the incumbent BJP government, foreign institutional investors were buyers of Rs 6,850.76 crore. However, foreign investors dumped as much as Rs25,586 crore from Indian equities in May on the back of political uncertainty about the general elections’ outcome and high-performing Chinese markets. Before that, FPIs became net buyers of Rs35,098 crore in March and Rs1,539 crore in February, while they took out Rs25,743 crore in January.