In June 5, 2023 trading session, the Indian market exhibited a positive trend, although it retreated from its intraday highs. The Nifty index hovered close to the 18,600 mark, indicating a strong performance. Financial stocks emerged as relative outperformers, while the IT sector weighed down the Nifty's performance.

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The midcap index continued its winning streak for the 11th consecutive session, achieving a record close. This surge reflects the growing confidence and interest in midcap stocks among investors.

The BSE Sensex witnessed a rise of 240 points, reaching 62,787, while the Nifty 50 climbed 60 points to settle at 18,594. The Nifty Bank index surged by 164 points to reach 44,102, and the Midcap Index recorded a gain of 48 points, closing at 34,015.

On the Nifty index, top gainers today included Mahindra & Mahindra, Axis Bank, Tata Motors, Larsen & Toubro, and Grasim Industries. T Conversely, Divis Laboratories, Tech Mahindra, Asian Paints, Nestle India, and BPCL faced losses and were the top losers in Nifty 50 toady.

Several factors influenced the movement of individual stocks within the market. Reliance, Axis, and ICICI played a pivotal role in lifting the Nifty, while ITC, TCS, and HUL dragged down its performance.

In the automobile sector, the positive momentum continued as Maruti, Tata Motors, and Mahindra & Mahindra witnessed a rise of 1-4%.

Tata Chemicals experienced a notable surge of 4% following the announcement of Tata's plans to invest ₹13,000 crore in an electric vehicle battery unit, boosting investor confidence.

The rise in crude oil prices exerted pressure on oil marketing stocks, resulting in a 1 percent slip for BPCL and HPCL.

Info Edge faced a setback, with a 3 percent decline as Macquaire set a target of Rs 3,000, indicating a potential downside of 30 percent

Defence stocks, including BEL, BHEL, and HAL, witnessed significant gains of 2-4 percent, reflecting a positive sentiment in the sector.

Also read: Stock Market Highlights: Sensex, Nifty 50 end near day’s low, M&M, Axis Bank top gainers, FMCGs drag