Indian benchmark indices closed at record highs on Monday, driven by fresh buying from investors after exit polls indicated a comfortable majority for the NDA government.
The Nifty 50 index jumped by 733.20 points, ending at 23,263.90, while the BSE Sensex rallied by 2507.47 points, reaching a closing level of 76,468.78.
During the trading session, the Nifty touched an all-time high of 23,338.70, and the Sensex hit a new peak at 76,738.89.
The Bank Nifty Index also touched a new all-time high of 51,133.20, led by banking giants such as Bank of Baroda and State Bank of India. Sectoral indices witnessed significant gains, with PSU Banks surging by 8.31% and the oil and gas sector rising by 6.82%
Investor wealth surged by Rs 14.18 lakh crore, as the market capitalization of BSE-listed companies jumped from Rs 412.12 lakh crore in the previous session to Rs 426.31 lakh crore.
“Equity markets jumped in line with expectations of a development-driven agenda, with the Nifty scaling a new record high. Additionally, the India VIX index, which measures market volatility, has cooled down post the exit poll numbers,” said Pranav Haridasan, MD and CEO of Axis Securities.
In the NIFTY 50 index, 43 stocks advanced, while only 7 declined. The top gainers in the Nifty 50 list included Adani Ports, SBI, NTPC, Power Grid, and ONGC, while the biggest losers were Eicher Motors, LTI Mindtree, HCL Tech, Sun Pharma, and Asian Paints.
“PSUs space will remain exciting, but investors need to be more choosy and look for relative values. Long-term trajectory for markets looks very positive, though short-term volatility could continue to remain high as it is not exactly cheap,” said Porinju Veliyath, Founder of Equity Intelligence.
The overall market sentiment was buoyed by the exit polls’ prediction of a decisive victory for the NDA, which is expected to continue its development-driven policies.
(With ANI input)
