Stock Market Highlights: Indian frontline equity indices BSE Sensex and NSE Nifty 50 displayed heightened volatility on Wednesday (June 5) as market participants digested election results. The stock market soared higher as allies asserted support to PM Modi-led BJP for the next government formation. Both the indices advanced 2 per cent with broader markets also lending support to the rally.
Benchmark indices Sensex closed 2,303.19 points, 3.20 per cent higher at 74,382.24 while Nifty settled 735.85 points, or 3.36 per cent higher at 22,620.35. Sensex opened 954.88 points, or 1.32 per cent higher at 73,033.90 while Nifty inched 243.80 points, or 1.11 per cent higher at 22128.30, signalling easing political nervousness among market participants. India VIX, popularly known as Volatility Index, breached the 30-mark after gains of nearly 30 per cent in the last session. In today’s session, the ‘Fear Index’ has eased to 18.88.
In line with expectations, PSU selloffs resumed on the second consecutive day as investors found refuge in consumption stocks in order to turn their portfolio immune to volatility. Among sectoral indices, Auto, IT, Pharma, FMCG are top gainers while PSU Bank, Metal, Infrastructure, PSE slipped the most.
