Taking Stock | Market gains on weekly expiry day; Sensex up 437 points, Nifty above 16,600

Taking Stock | Market gains on weekly expiry day; Sensex up 437 points, Nifty above 16,600

Stock Market News



A drop in crude and gas prices saw Indian shares end higher on June 2, with gains in information technology and metal stocks supporting the benchmark indices.

The 30-pack BSE Sensex closed 436.94 points, or 0.79 percent, higher at 55,818.11, while the Nifty ended the day 105.25 points, or 0.64 percent, higher at 16,628.

Though global cues were not encouraging earlier in the day with the US markets ending with losses on June 1 and Asian peers sliding in the morning on recession fears amid rising inflation, the Indian indices gained confidence from the fall in energy prices as crude dropped from $120 a barrel to $113.

The goods and services tax (GST) collections of more than Rs 1.4 trillion for the fourth straight quarter and strong auto sales in May also gave strength to the market, which was jittery in the first half.

“The bounce in the market is showing signs of getting extended further supported by the mid and small-caps as high-frequency data like GST collection and PMI have shown a good start to FY23”, said Vinod Nair, Head of Research at Geojit Financial Services. “Crude prices have declined, providing an edge to the performance of the Indian