MUMBAI: Benchmark Sensex and Nifty rose over 3 per cent on Monday, registering their biggest single-day gain in three years and lifetime highs, after exit polls predicted the return of the Modi government for a third consecutive term. Closed at level.
The 30-share BSE Sensex rose 2,507.47 points or 3.39 per cent to hit a new closing peak of 76,468.78, with 25 of its constituents closing in the green and five in the red. During the day, the barometer jumped 2,777.58 points or 3.75 percent to hit a record intra-day peak of 76,738.89.
NSE Nifty closed at 23,263.90, up 733.20 points or 3.25 per cent. During the day, it rose 808 points or 3.58 per cent to hit a new intra-day high of 23,338.70.Sensex and Nifty recorded their biggest single-day gains since February 1, 2021, when the indices jumped nearly 5% after the budget presentation. Interestingly, Sensex and Nifty had gained over 3 per cent on May 20, 2019, when exit polls had predicted a massive victory for the BJP-led NDA in the 2019 general elections.
Among sectors, PSU, power, utilities, oil, energy, capital goods and realty indices rose up to 8 per cent.
A sharp rally in blue-chip stocks Reliance Industries, ICICI Bank, HDFC Bank and State Bank of India lifted the indices to lifetime highs. Strong GDP data also boosted the rally in equity markets.Shares of all Adani Group companies continued to rise on Monday, taking their combined market valuation to Rs 19.42 lakh crore. Adani Power rose nearly 16 percent, Adani Ports rose 10 percent and flagship Adani Enterprises rose over 6 percent.
Exit polls on Saturday predicted that Prime Minister Narendra Modi will retain power for the third consecutive term, with the BJP-led NDA expected to get a big majority in the Lok Sabha elections. Counting of votes will take place on June 4.
"Nifty recorded its best session in three years as investors appreciated India's fourth-quarter GDP growth as well as exit polls that were better than expected," said Deepak Jasani, Head of Retail Research, HDFC Securities.Samco MF "Markets opened at new highs today, mainly due to exit polls predicting a massive victory for the BJP-led NDA," said the fund manager and head of equities at .This will result in a positive surprise of policy continuity with higher seats for the NDA government," said Research Paras Matalia.
Among the 30-Sensex companies, NTPC, State Bank of India and Power Grid jumped more than 9 per cent each. Larsen & Toubro, Axis Bank, Reliance Industries, UltraTech Cement, Mahindra & Mahindra, IndusInd Bank, ICICI Bank and Tata Steel were other big gainers.
Sun Pharma, HCL Technologies, Asian Paints, Nestle and Infosys were among the laggards. Vinod Nair, head of research at Geojit Financial Services, said, "The exit polls have energized optimism of a memorable victory for the incumbent government, with reform gains expected to continue." There was a massive rally in PSUs on expectations, leading to further rate increases again.,
Nair said the continuation of the broad rally is expected to continue in line with the magnitude of the actual tally, as inflows were on the sidelines in the last three months.
In the broader market, the BSE midcap gauge climbed 3.54 per cent and the smallcap index jumped 2.05 per cent. Both the indices hit their all-time highs intra-day. The market capitalization of BSE-listed companies rose to Rs 4,25,91,511.54 crore (US$5.13 trillion).
On the BSE, 2,346 shares advanced while 1,615 shares declined and 154 shares remained unchanged.The market capitalization of NSE-listed companies stood at Rs 422.48 lakh crore (US$5.09 trillion). India's economy grew 8.2 percent in the fiscal year ended in March, positioning the country as the fastest-growing major economy in the world. I became stronger.
"Strong economic data like GDP growth of 8.2% in FY20, 100-day measures list and the final Budget will be the key points that the market will keep an eye on in the coming weeks," Nair said.
In Asian markets, Seoul, Tokyo and Hong Kong closed with gains while Shanghai closed lower. European markets were trading in positive territory.US markets closed mostly higher on Friday. According to exchange data, foreign institutional investors (FIIs) bought equities worth Rs 1,613.24 crore on Friday.
Global oil benchmark Brent crude rose 0.18 percent to US$81.26 per barrel.
Analysts said global equities started June mostly up after a report showed the inflation situation in the US was not getting worse, leading to a rally on Wall Street. European stocks rose and government bond yields fell as investors expected an interest rate cut from the ECB (European Central Bank) later this week.
The 30-share BSE Sensex rose 2,507.47 points or 3.39 per cent to hit a new closing peak of 76,468.78, with 25 of its constituents closing in the green and five in the red. During the day, the barometer jumped 2,777.58 points or 3.75 percent to hit a record intra-day peak of 76,738.89.
NSE Nifty closed at 23,263.90, up 733.20 points or 3.25 per cent. During the day, it rose 808 points or 3.58 per cent to hit a new intra-day high of 23,338.70.Sensex and Nifty recorded their biggest single-day gains since February 1, 2021, when the indices jumped nearly 5% after the budget presentation. Interestingly, Sensex and Nifty had gained over 3 per cent on May 20, 2019, when exit polls had predicted a massive victory for the BJP-led NDA in the 2019 general elections.
Among sectors, PSU, power, utilities, oil, energy, capital goods and realty indices rose up to 8 per cent.
A sharp rally in blue-chip stocks Reliance Industries, ICICI Bank, HDFC Bank and State Bank of India lifted the indices to lifetime highs. Strong GDP data also boosted the rally in equity markets.Shares of all Adani Group companies continued to rise on Monday, taking their combined market valuation to Rs 19.42 lakh crore. Adani Power rose nearly 16 percent, Adani Ports rose 10 percent and flagship Adani Enterprises rose over 6 percent.
Exit polls on Saturday predicted that Prime Minister Narendra Modi will retain power for the third consecutive term, with the BJP-led NDA expected to get a big majority in the Lok Sabha elections. Counting of votes will take place on June 4.
"Nifty recorded its best session in three years as investors appreciated India's fourth-quarter GDP growth as well as exit polls that were better than expected," said Deepak Jasani, Head of Retail Research, HDFC Securities.Samco MF "Markets opened at new highs today, mainly due to exit polls predicting a massive victory for the BJP-led NDA," said the fund manager and head of equities at .This will result in a positive surprise of policy continuity with higher seats for the NDA government," said Research Paras Matalia.
Among the 30-Sensex companies, NTPC, State Bank of India and Power Grid jumped more than 9 per cent each. Larsen & Toubro, Axis Bank, Reliance Industries, UltraTech Cement, Mahindra & Mahindra, IndusInd Bank, ICICI Bank and Tata Steel were other big gainers.
Sun Pharma, HCL Technologies, Asian Paints, Nestle and Infosys were among the laggards. Vinod Nair, head of research at Geojit Financial Services, said, "The exit polls have energized optimism of a memorable victory for the incumbent government, with reform gains expected to continue." There was a massive rally in PSUs on expectations, leading to further rate increases again.,
Nair said the continuation of the broad rally is expected to continue in line with the magnitude of the actual tally, as inflows were on the sidelines in the last three months.
In the broader market, the BSE midcap gauge climbed 3.54 per cent and the smallcap index jumped 2.05 per cent. Both the indices hit their all-time highs intra-day. The market capitalization of BSE-listed companies rose to Rs 4,25,91,511.54 crore (US$5.13 trillion).
On the BSE, 2,346 shares advanced while 1,615 shares declined and 154 shares remained unchanged.The market capitalization of NSE-listed companies stood at Rs 422.48 lakh crore (US$5.09 trillion). India's economy grew 8.2 percent in the fiscal year ended in March, positioning the country as the fastest-growing major economy in the world. I became stronger.
"Strong economic data like GDP growth of 8.2% in FY20, 100-day measures list and the final Budget will be the key points that the market will keep an eye on in the coming weeks," Nair said.
In Asian markets, Seoul, Tokyo and Hong Kong closed with gains while Shanghai closed lower. European markets were trading in positive territory.US markets closed mostly higher on Friday. According to exchange data, foreign institutional investors (FIIs) bought equities worth Rs 1,613.24 crore on Friday.
Global oil benchmark Brent crude rose 0.18 percent to US$81.26 per barrel.
Analysts said global equities started June mostly up after a report showed the inflation situation in the US was not getting worse, leading to a rally on Wall Street. European stocks rose and government bond yields fell as investors expected an interest rate cut from the ECB (European Central Bank) later this week.