After opening the day on a positive note, Indian share markets continued the momentum as the session progressed and ended on a firm footing.Sensex rallied nearly 1,700 points to hit a lifetime high. The domestic benchmark equity indices, Nifty50 and Sensex, traded with gains on Friday, as RBI raised its forecast for FY25 GDP growth to 7.2% from 7% earlier while keeping the rates unchanged for the 8th consecutive term.At the closing bell, the BSE Sensex stood higher by 1,619 points (up 2.16%).Meanwhile, the NSE Nifty closed higher by 446 points (up 1.9%).Wipro, Tech Mahindra, and M&M were among the top gainers today.SBI Life Insurance and Tata Consumer Products on the other hand, were among the top losers today.The GIFT Nifty was trading at 22,333, up by 415 points, at the time of writing.The BSE MidCap index ended 1.2% higher and the BSE SmallCap index ended 2.1% higher.Sectoral indices are trading positive with stocks in the metal sector, power sector, and oil & gas sector witnessing most buying.Shares of Dixon Technologies, Trent, and Torrent Pharma hit their respective 52-week highs today.The rupee is trading at 83.40 against the US$.Gold prices for the latest contract on MCX are trading 1.4% lower at Rs 72,115 per 10 grams.Meanwhile, silver prices were trading 1.9% lower at Rs 92,000 per 1 kg.Here are four reasons why Indian Markets are rising today#1 RBI PolicyStock markets shot up in trade on Friday, aided by bank stocks, after the Reserve Bank of India (RBI) left interest rates unchanged during their June monetary policy.The RBI’s Monetary Policy Committee (MPC) kept the key repo rate unchanged at 6.5% for the eighth consecutive time on 7 June. The decision was taken with a 4:2 majority.#2 Stocks hitting 52-week HighAs many as 159 stocks hit their 52-week high levels today. BSE 500 stocks such as Aditya Birla Fashion and Retail Ltd, Aegis Logistics, ARE&M, Avanti Feeds, Balkrishna Industries, Bikaji Foods, and Biocon hit their respective one-year high levels. With that being said, 29 stocks touched their respective one-year lows today.#3 Buying in Index HeavyweightsFor Sensex, the major constituents that pulled the index higher were Infosys, Reliance, HDFC Bank, M&M, ICICI Bank, Bajaj Finance, TCS, Airtel and Tata Steel. Infosys RIL and HDFC alone contributed positively to the around 493-point climb.#4 DII BuyingYesterday, domestic institutional investors (DIIs) bought Rs 37.2 bn of stocks, exchange data showed. Foreign institutional investors (FIIs) sold Rs 68.7 bn of shares on a net basis.
Why Wipro Share Price is RisingIn news from the IT sector, shares of IT major Wipro surged 3.5% on BSE today as the company announced a US$ 500 million deal win with a leading US communication service provider.Wipro has been awarded a US$ 500 million (m) deal by a leading US communication service provider. The company shall provide managed services for some products and industry-specific solutions.On May 31, the company also announced the expansion of retail-focused capabilities within Wipro VisionEDGE+, which was developed in partnership with Cisco and AT&T and leveraging Amazon Web Services (AWS).In its fourth-quarter results for FY24, Wipro reported large deal bookings at $4.6 billion for the entire financial year, which was a year-on-year (YoY) increase of 17.4%.A leading US-based telecom wireless operator has selected Wipro as a strategic partner to provide managed services and overhaul the client’s IT and digital operations. As part of this deal, Wipro will implement and operate a leading IT SaaS operating platform across the organization, drive data-driven insights, enhance digital and billing operating platforms, and drive better security and quality engineering practices.
Why Paytm Jumps 9% Today.
Moving on to news from the fintech space, shares of Paytm parent company One97 Communications Ltd. were trading with gains of more than 9% on Friday, June 7. The circuit filter for the Paytm stock has been revised to 10% from 5% earlier.The price band has been revised from the existing levels with effect from June 7, 2024.To recall, the stock exchanges had earlier lowered the circuit limit for Paytm shares after steep volatility was seen on the counter amid the Reserve Bank of India’s (RBI) restrictions on the Paytm Payments Bank.Circuit limits are fixed by stock exchanges to curb excessive movement of the stocks on either side. The stock cannot fall below the lower limit or rise above the upper limit.Bharat Dynamics, Aether Industries, Hindustan Zinc, and Cochin Shipyard were some other stocks, whose price bands were also revised by the exchange.In another development, Paytm’s share of the unified payments interface (UPI) market in the country declined for a fourth straight month.As per data released by the National Payments Corporation of India, Paytm accounted for 8.1% of total UPI transactions in May this year, down from 13% in January 2024.More By This Author:Sensex Today Trades Higher; Nifty Above 22,900
Sensex Today Trades Higher; Nifty Above 22,700
Sensex Today Rallies 2,303 Points; Nifty Above 22,600 Mark
