New Delhi: Shares of public sector enterprises as well as state-owned banks rose over 12 per cent on Monday, a day after exit polls predicted a third term for Prime Minister Narendra Modi-led government. Benchmark indices hit record highs.
Indices of public sector units hit new highs during intra-day with the benchmark barometer hitting new records.
The Nifty PSU Bank index closed at 8,006.15, up 620.15 points or 8.40 per cent. During the day, it witnessed a massive surge and hit an all-time high of 8,053.30.
On NSE, shares of Bank of Baroda jumped 12.08 percent to Rs 296.90, shares of Central Bank of India closed at Rs 72.30, shares of State Bank of India closed at Rs 909.05, shares of Canara Bank closed at Rs 128.90, shares of UCO Bank closed at Rs 61.85.Apart from this, shares of Indian Bank rose by 6.93 per cent to close at Rs 606.85 per share and Indian Overseas Bank closed at Rs 73.20.
At one point, shares of Bank of Baroda and SBI hit their fresh 52-week highs of Rs 299.70 and Rs 912, respectively. Canara Bank also completed its 52nd week in the stock market.
SBI added Rs 69,388.85 crore, taking its market valuation to Rs 8 lakh crore for the first time and becoming the first public sector bank to achieve the feat.
Besides, Nifty CPSE index jumped 471.90 points or 7.16 per cent to close at 7,059.80, NTPC rose 9.33 per cent to close at Rs 392.50, Power Grid at Rs 338.00, Bharat Electronics Limited (BEL) at Rs 319.80 and Oil & Natural Gas at Rs 338.00.Gas Corp Rs 284 per piece.
The Nifty CPSE index rose more than 7 percent to hit a record high of 7,105.55 points in intra-day trade. Meanwhile, Power Grid, NTPC and BEL hit their 52-week highs on the NSE.
The broader NSE Nifty closed 733.20 points or 3.25 per cent higher at 23,263.90. During the day, the 50-share index rose 3.58 per cent to its lifetime peak of 23,338.70.Also, Nifty Bank index jumped 1,996 points or 4.07 percent and closed at 50,979.95. The bank index rose 4.09 percent to an all-time high of 51,133 in intra-day trade. This important milestone marks the first time that the index has crossed the 51,000 mark, the previous close being at 48,983.95.
On Saturday, most exit polls predicted that the PM Modi-led government would retain power for the third consecutive term, with the BJP-led NDA expected to get a big majority in the Lok Sabha elections.
The Finance Ministry on Saturday said the country's goods and services tax (GST) collections rose 10 per cent to Rs 1.73 lakh crore in May due to increase in domestic transactions, indicating continued economic momentum.Government data released on Friday showed India's economy grew 8.2 percent in the fiscal year ending March 2024, cementing the country's position as the fastest-growing major economy in the world.
According to official data released on Friday, the central government's fiscal deficit during 2023-24 stood at 5.6 per cent of GDP, better than the previous estimate of 5.8 per cent due to higher revenue receipts and lower expenditure.
Indices of public sector units hit new highs during intra-day with the benchmark barometer hitting new records.
The Nifty PSU Bank index closed at 8,006.15, up 620.15 points or 8.40 per cent. During the day, it witnessed a massive surge and hit an all-time high of 8,053.30.
On NSE, shares of Bank of Baroda jumped 12.08 percent to Rs 296.90, shares of Central Bank of India closed at Rs 72.30, shares of State Bank of India closed at Rs 909.05, shares of Canara Bank closed at Rs 128.90, shares of UCO Bank closed at Rs 61.85.Apart from this, shares of Indian Bank rose by 6.93 per cent to close at Rs 606.85 per share and Indian Overseas Bank closed at Rs 73.20.
At one point, shares of Bank of Baroda and SBI hit their fresh 52-week highs of Rs 299.70 and Rs 912, respectively. Canara Bank also completed its 52nd week in the stock market.
SBI added Rs 69,388.85 crore, taking its market valuation to Rs 8 lakh crore for the first time and becoming the first public sector bank to achieve the feat.
Besides, Nifty CPSE index jumped 471.90 points or 7.16 per cent to close at 7,059.80, NTPC rose 9.33 per cent to close at Rs 392.50, Power Grid at Rs 338.00, Bharat Electronics Limited (BEL) at Rs 319.80 and Oil & Natural Gas at Rs 338.00.Gas Corp Rs 284 per piece.
The Nifty CPSE index rose more than 7 percent to hit a record high of 7,105.55 points in intra-day trade. Meanwhile, Power Grid, NTPC and BEL hit their 52-week highs on the NSE.
The broader NSE Nifty closed 733.20 points or 3.25 per cent higher at 23,263.90. During the day, the 50-share index rose 3.58 per cent to its lifetime peak of 23,338.70.Also, Nifty Bank index jumped 1,996 points or 4.07 percent and closed at 50,979.95. The bank index rose 4.09 percent to an all-time high of 51,133 in intra-day trade. This important milestone marks the first time that the index has crossed the 51,000 mark, the previous close being at 48,983.95.
On Saturday, most exit polls predicted that the PM Modi-led government would retain power for the third consecutive term, with the BJP-led NDA expected to get a big majority in the Lok Sabha elections.
The Finance Ministry on Saturday said the country's goods and services tax (GST) collections rose 10 per cent to Rs 1.73 lakh crore in May due to increase in domestic transactions, indicating continued economic momentum.Government data released on Friday showed India's economy grew 8.2 percent in the fiscal year ending March 2024, cementing the country's position as the fastest-growing major economy in the world.
According to official data released on Friday, the central government's fiscal deficit during 2023-24 stood at 5.6 per cent of GDP, better than the previous estimate of 5.8 per cent due to higher revenue receipts and lower expenditure.
