Angel One’s Client Growth Sparks Surge, FMCG Stocks Soar, Hindalco Rebounds, Hero MotoCorp Rises and more.

Written by - Fisdom Research

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June 5, 2024 3 minutes

Indian markets:

A day after experiencing their most significant percentage-term losses in about four years, the Indian stock market benchmarks, the Sensex and the Nifty 50, staged a remarkable comeback on Wednesday, June 5.
Investors quickly absorbed the Lok Sabha election results and shifted their focus to fundamentals and developments around government formation.
All sectoral indices ended higher, with Nifty Private Bank soaring over 5 percent. Nifty Auto, Bank, and FMCG indices gained over 4 percent each, while other sectoral indices also rose by up to 3 percent.
The BSE Midcap index rallied over 4 percent, and the smallcap index gained 3.9 percent. Additionally, the Nifty Midcap index recorded its most significant single-session gain in terms of absolute points.

Asia-Pacific markets were mixed on Wednesday, with stocks in India rising after a heavy sell-off in the previous session as investors assessed India’s election results.
The All-India Market Capitalization index, tracked on the Bombay Stock index, lost over 31.06 trillion rupees, or about $371 billion on June 4.
Modi is still set for a third term in power after the BJP-led National Democratic Alliance secured 294 seats, more than the 272 needed for the coalition to form the government.
Elsewhere, first-quarter gross domestic product from Australia came in at 1.1% year over year, slightly below Reuters poll estimates of 1.2%.
Australia’s S&P/ASX 200 closed 0.41% higher at 7,759.40.
However, Japan’s Nikkei 225 dropped 0.89%, while the broader Topix shed 1.41%.
South Korea’s Kospi ended 1.03% higher at 2,689.50, while the smaller-cap Kosdaq rose 0.58%.
Hong Kong’s Hang Seng index traded 0.06% lower, while mainland China’s CSI 300 index dipped 0.58%.

Angel One: Shares of this brokerage firm surged 5 percent on June 5 following a robust monthly business update. The company’s client base grew significantly by 63.3 percent year-on-year (YoY) in May 2024, reaching 23.8 million from 14.5 million.

FMCG Stocks: Investors turned to the consumer stocks universe to bolster their positions in the defensive sector, driving the Nifty FMCG index up nearly 6 percent, extending gains from previous sessions. Emami, Hindustan Unilever, Dabur, and Tata Consumer Products emerged as the top gainers, with gains of around 10 percent in early trading.
Hindalco Industries: Shares of Hindalco Industries surged 7 percent, completely reversing early declines, even as its US subsidiary Novelis Inc decided to postpone its initial public offering (IPO) for the time being. The company stated that Novelis would continue to assess the timing for the public offering in the future.

Hero MotoCorp: Shares of the automotive giant surged 6.5 percent on the back of positive sentiment surrounding the sector. Several brokerages suggest that the government’s focus on rural India could drive sales across the sector. The Nifty Auto also reached a record high in today’s trading session.

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