ET Markets Podcast - The Economic Times

State-run companies and energy stocks also contributed to the rally in hopes of continued capex spending by the new government. Sensex surged 182 points and closed at 76,993. Nifty rose 67 points and closed at 23,466.

U.S. consumer prices were unexpectedly unchanged in May. Core prices grew at their slowest annual pace in over 3 years, which also lifted bets of a Sept rate cut by the Fed.

Coal India, Power Grid, NTPC, and BPCL were among the top gainers on nifty. M&M, HUL and Tata Consumer were the losers. Small-cap and mid-cap indices rose by over 1% each. IT companies, which count the U.S. as a key revenue geography, jumped up to 1.65%.

Sensex and Nifty50, closed flat in a volatile market on Tuesday, ahead of the Fed's policy decision and CPI data on Wednesday.

Rate-Sensitive Sectors Surged: Banking, finance, auto, and real estate stocks rose by up to 8% following the RBI's decision to maintain the interest rate.

Modi's National Democratic Alliance (NDA) on Wednesday formally named him as the leader of a new coalition government, a day after it regained power with a surprisingly slim majority.

Heavyweight bank stocks surged 4.5%, financial services index jumped 4.2%, driving a surge in the Nifty. Bank stocks had dropped nearly 8% on Tue. Nifty FMCG surged 4.3%, while Nifty Auto gained 4.7% on expectations of rural demand. IT index was up 2.4%.

After falling over 6,000 points during the day, BSE's Sensex closed 5.4% down at 72,079 while the broader NSE Nifty dropped 5.93% and closed at 21,884. About Rs 30 lakh cr were wiped out from the markets during the June 4 trade. The market capitalization of all listed companies on BSE declined to Rs 396 lakh crore.

Nifty50 and BSE's Sensex both closed at record highs, hitting over 23,250 and 76,400 mark, respectively. This surge came after exit polls over the weekend projected a third term for Prime Minister Narendra Modi's government in the recently concluded general elections.

BSE Sensex: Surged 76 points or 0.10% to 73,961. NSE Nifty: Gained 42 points or 0.19% to 22,531.