Mumbai. After the exit polls, the BSE Sensex jumped by more than 2,500 points and reached its highest level ever due to all-round buying in the local stock market on Monday. The National Stock Exchange’s Nifty also closed at a new peak with a jump of 733 points. This rise in the market has come after the exit polls on Saturday predicted a big victory for the BJP-led National Democratic Alliance (NDA) government.
The 30-share BSE Sensex jumped 2,507.47 points or 3.39 percent to close at a record 76,468.78 points. This is the biggest one-day rise in the last three years. During trading, the index at one point rose 2,777.58 points to a record 76,738.89 points. The National Stock Exchange’s Nifty also jumped 733.20 points or 3.25 percent to close at an all-time high of 23,263.90 points. During trading, it rose 808 points or 3.58 percent to reach a record 23,338.70 points. Both benchmark indices closed at record highs due to strong gains in major stocks like Reliance Industries, ICICI Bank, HDFC Bank and State Bank of India.
With the rise in the stock market, the shares of Adani Group companies continued to rise strongly on Monday. Adani Power rose by about 16 percent. Sectorally, the shares of public sector undertakings, power companies, oil, energy, capital goods and realty companies rose by eight percent. According to the exit polls released on Saturday, Prime Minister Narendra Modi can take power for the third consecutive time. The BJP-led NDA government is expected to win the Lok Sabha elections with a huge majority. Counting of votes will take place on June 4. Paras Matalia, Head of Fund Management and Equity Research at Samco Mutual Fund, said, “The market opened at a new high today. The main reason for this is the exit polls, which say that the BJP-led NDA will return to power.
The NDA government winning more seats means that there will be continuity at the policy level.” Out of the 30 Sensex stocks, NTPC, State Bank of India and Power Grid jumped by more than 9 per cent. Larsen & Toubro, Axis Bank, Reliance Industries, UltraTech Cement, Mahindra & Mahindra, IndusInd Bank, ICICI Bank and Tata Steel were the major gainers. On the other hand, Sun Pharma, HCL Technologies, Asian Paints, Nestle and Infosys were in loss. Vinod Nair, Head of Research at Geojit Financial Services, said, ”The exit polls have raised hopes of a memorable victory for the incumbent government.
Public sector undertakings witnessed a strong rally on the expectation of continuation of the pace of reforms…” According to official data released on Friday, the country’s economic growth rate increased to 8.2 percent in the financial year 2023-24. With this, India retained its position as the world’s fastest growing major economy. In other Asian markets, South Korea’s Kospi, Japan’s Nikkei and Hong Kong’s Hang Seng were in profit while China’s Shanghai Composite was in loss. Major markets of Europe were in the lead in early trade.
US markets closed with gains on Friday. According to stock market data, foreign institutional investors bought shares worth Rs 1,613.24 crore on Friday. Global oil benchmark Brent crude rose 0.18 percent to $81.26 per barrel. The BSE Sensex was up 75.71 points on Friday, while the Nifty rose 42.05 points.
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