The Indian stock market started the week with a positive trend, Sensex opened with a rise of 203 points and Nifty with a rise of 70 points in the first trading day of the week. Last week, there was a decline in the market due to selling in Reliance Industries Shares. Here’s a closer look at the latest stock market updates on May 6, 2024.
Stock Market Performance today (May 6, 2024):
Buoyed by positive sentiments, the stock market witnessed a rise on Monday, May 6, 2024. Both the major indices, Sensex and Nifty opened with gains, indicating a bullish start to the trading week.
Rise in Sensex: Today Sensex is trading at 74,082.14 points with a rise of 203.99 points or 0.28 percent.
Rise in Nifty: Nifty is also trading at 22,546.00 points, up 70.15 points or 0.31 percent.
Reasons for last week’s decline:
Last week, the market witnessed a decline mainly due to selling pressure in the shares of Reliance Industries. However, the current positive momentum suggests a reversal of this trend.
Top gainers and losers in Nifty:
Today Kotak Mahindra shares were the top gainer. Apart from this, shares of Tata Consultancy Services, JSW Steel, IndusInd Bank, ICICI Bank, Wipro and Axis Bank are also trading in the green. At the same time, shares of Titan, State Bank of India, Power Grid and Larsen & Toubro are on the red mark.
Sensex Stock Performance:
Gainers: Kotak Mahindra shares emerged as the top gainers today along with Tata Consultancy Services, JSW Steel, IndusInd Bank, ICICI Bank, Wipro and Axis Bank.
In loss: On the other hand, shares of Titan, State Bank of India, Power Grid and Larsen & Toubro are seen falling.
Global market situation:
Among Asian markets, Shanghai and Hong Kong were trading in positive territory. Wall Street ended Friday with significant gains. Global oil benchmark Brent crude rose 0.23 percent to US$83.15 per barrel. According to exchange data, foreign institutional investors (FIIs) sold equities worth Rs 2,391.98 crore on Friday.
Performance of Rupee:
Today the rupee opened 3 paise higher against the dollar. In the interbank foreign exchange market, the rupee opened at 83.43 against the greenback. After this, it reached 83.42 in early trade, which shows an increase of 3 paise from the previous close. But on Friday the rupee closed at 83.45 against the US dollar.