At 09:30 IST, the barometer index, the S&P BSE Sensex was up 509.60 points or 0.75% to 72,617.74 . The Nifty 50 index gained 138.95 points or 0.63% to 22,023.45.

In the broader market, The S&P BSE Mid-Cap index rose 0.51% and the S&P BSE Small-Cap index added 0.02%.

The market breadth was negative. On the BSE, 1,415 shares rose and 1,542 shares fell. A total of 100 shares were unchanged.

Foreign portfolio investors (FPIs) sold shares worth Rs 12,436.22 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 3,318.98 crore in the Indian equity market on 4 June 2024, provisional data showed.

Lok Sabha Elections:

The Lok Sabha elections 2024 concluded with the Election Commission of India declaring all results. Prime Minister Narendra Modi is set to form the government for a third consecutive term. The BJP emerged as the largest party, winning 240 out of 543 seats, while the Congress secured 99 seats. The BJP-led National Democratic Alliance (NDA) won 293 seats, and the Opposition INDIA alliance obtained 232 seats. Despite significant losses in three Hindi heartland states, the NDA secured a majority in the Lok Sabha after a fiercely contested election.

Stocks in Spotlight:

State Bank of India slipped 3.51%. The bank’s board will meet on June 11th to consider long-term fund raising in single/multiple tranches of up to $3 billion through a public offer or private placement of senior unsecured notes in US Dollar or any other major foreign currency during FY 2024-25.

Bharat Forge declined 2.46%. The company will be in focus. Class 8 truck orders in North America increased by 39% year-on-year and 35% on a month-on-month basis in May to 18,900 units.

Hindustan Aeronautics dropped 4.94%. The company said the Sukhoi 30 MKI aircraft crashed Tuesday while on a test sortie from the company's Nashik Division. Both pilots ejected safely; a technical snag was reported by the pilots.

Numbers to Track:

The yield on India's 10-year benchmark federal rose 0.10% to 7.040 as compared with previous close 7.033.

In the foreign exchange market, the rupee is edged higher against the dollar. The partially convertible rupee was hovering at 83.4625, compared with its close of 83.5100 during the previous trading session.

MCX Gold futures for 5 August 2024 settlement gained 0.20% to Rs 72,140.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.08% to 104.19.

The United States 10-year bond yield grew 0.19% to 4.341.

In the commodities market, Brent crude for July 2024 settlement lost 2 cents or 0.03% to $ 77.50 a barrel.

Global Markets:

Asian stocks were traded mixed on Wednesday. Oil slipped for sixth consecutive day. Brent crude futures fell 14 cents, or 0.2%, to $77.38 a barrel.

US stocks rose slightly on Tuesday after data showed a weaker-than-expected labor market, which investors believe will lead the Federal Reserve to cut interest rates. The Dow Jones Industrial Average rose 0.36%, the S&P 500 gained 0.15%, and the Nasdaq Composite gained 0.17%.

According to the Bureau of Labor Statistics, US job openings decreased by 296,000, reaching 8.059 million on the last day of April. This marks the lowest level since February 2021 and signifies a decrease in labor market tightness.