Bulls party big as Modi ‘wave’ grips mkts
Sensex, Nifty shot over 3% to record highs after exit polls predicted massive win for BJP-led NDA; Adani stocks hog limelight
image for illustrative purpose
On expected lines, the domestic stock market witnessed a gallop of bulls on Monday as key indices soared over three per cent to record highs as exit poll estimates point to third term of Narendra Modias Prime Minister with massive majority. Sharp rally in markets made investors richer by Rs12.48 lakh crore in morning trade.Interestingly, the markets repeated similar exhilaration witnessed on May 20, 2019, after the exit polls predicted a major win BJP-led NDA in the 2019 general elections.Sensex and Nifty logged their biggest single-day gains since February 1, 2021, when indices had jumped nearly five per cent after the budget presentation.
BSE Sensex and NSE Nifty recorded biggest single-day gain in three years, owing to across-the-board buying as stakeholders turn buoyant after exit polls predicted a massive win for the BJP-led NDA in the general elections.
The 30-share BSE Sensex soared by 2,507.47 points or 3.39 per cent to settle at a new closing peak of 76,468.78 points with 25 of its constituents ending in the green and five in the red. During the day, the barometer jumped 2,777.58 points or 3.75 per cent to hit a record intra-day peak of 76,738.89. The NSE Nifty climbed 733.20 points or 3.25 per cent to finish at 23,263.90 points. During the day, it soared 808 points or 3.58 per cent to hit a fresh intra-day all-time high of 23,338.70. As many as 2,346 stocks advanced, while 1,615 declined and 154 remained unchanged on the BSE.
“Nifty logged its best session in over three years, as investors cheered exit polls, along with better-than-expected India Q4 GDP,” said Deepak Jasani, Head (Retail Research), HDFC ecurities.
“The markets opened at new highs today largely because of exit polls predicting landslide victory for the BJP-led NDA. This will result in a positive surprise of policy continuity with higher seats for the NDA government,” added SAMCO MF Fund Manager & Head of Equity Research Paras Matalia.
In the broader market, the BSE midcap gauge climbed 3.54 per cent and smallcap index jumped 2.05 per cent. Both the indices hit their all-time peaks in intra-day.
The sustenance of the broad rally is anticipated to continue in-line with the magnitude of the actual tally, as inflows pour in which were sitting on the sidelines in the last three months.
Mcap soars Rs 13.78 lakh cr on Monday
The market capitalisation (mcap) of BSE-listed companies jumped by Rs13.78 lakh crore to Rs4,25,91,511.54 cr (Rs425.91 lakh cr or $5.13 trillion). The mcap of NSE-listed companies surged to Rs422.48 lakh crore ($5.09 trn).
