Nifty, Sens3x open at record highs after exit polls predict NDA landslide
The benchmark stock market indices, Sensex and Nifty50, opened at all-time highs on monday following exit polls that indicated prime minister Narendra Modi would serve a historic third term. The S&P BSE Sensex surged over 2,000 points to a record high of 76,738.89, while the NSE Nifty50 rose to 23,338.70. At 10:10 am, both indices were up 2081.29 points at 76,042.60 and the Nifty was up 646.90 points at 23,177.60.
On the Sensex, every company was up. Power Grid, adani Ports, Shriram Finance, L&T, NTPC, SBI, Axis bank, M&M, ICICI bank, and Ultratech Cement were the top gainers. These stocks had a 3% to 7% increase.
For the first time, the bank Nifty index broke beyond the 50,000 threshold. Additionally, there was a roughly 3% increase in both the Nifty Midcap 100 and Nifty Smallcap 100 indexes.
The leading gainers were Nifty PSU bank, Nifty Energy, and Nifty Realty, all of which increased by 4-5%.
Dalal Street is expected to have a great start to june, according to Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd., "driven by optimistic exit poll results predicting a significant win for the BJP-led NDA".
For the first time, the bank Nifty index broke beyond the 50,000 threshold. Additionally, there was a roughly 3% increase in both the Nifty Midcap 100 and Nifty Smallcap 100 indexes.
The leading gainers were Nifty PSU bank, Nifty Energy, and Nifty Realty, all of which increased by 4-5%.
Dalal Street is expected to have a great start to june, according to Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd., "driven by optimistic exit poll results predicting a significant win for the BJP-led NDA".
"Key catalysts include India’s GDP exceeding estimates at 8.2% for FY24, a surge in Dow Jones by 574 points, increased odds of a september rate cut, early monsoon advancement, and a 10% rise in GST collections to Rs 1.73 lakh crore in May," he stated.
Tapse has a strong outlook on equities, including hdfc AMC, adani Ports, Sulzon, Jupiter Waggon, and GMR INFRA.
The stock market's dramatic surge follows a five-day losing streak that ended on May 31, when the benchmark Sensex closed 75 points higher.
Experts predict that following the june 4 announcement of the election results, the market volatility of May will decline.
Tapse has a strong outlook on equities, including hdfc AMC, adani Ports, Sulzon, Jupiter Waggon, and GMR INFRA.
The stock market's dramatic surge follows a five-day losing streak that ended on May 31, when the benchmark Sensex closed 75 points higher.
Experts predict that following the june 4 announcement of the election results, the market volatility of May will decline.
This follows an 8.2% economic growth rate in 2023–24 (FY24), according to statistics from the National Statistical office (NSO).
A hat-trick for the bjp was projected by the eagerly awaited exit poll findings for the 2024 lok sabha elections, with prime minister Narendra Modi expected to win a record third term in office.
The majority of pollsters predicted that the nda will receive between 350 and 380 seats, surpassing its 2019 total of 353 MPs. Axis My india and india Today poll results showed that 361–401 seats will go to the nda and 131–166 seats to INDIA. 370 seats for the bjp and 400 for the nda were PM Modi's targets.
A hat-trick for the bjp was projected by the eagerly awaited exit poll findings for the 2024 lok sabha elections, with prime minister Narendra Modi expected to win a record third term in office.
The majority of pollsters predicted that the nda will receive between 350 and 380 seats, surpassing its 2019 total of 353 MPs. Axis My india and india Today poll results showed that 361–401 seats will go to the nda and 131–166 seats to INDIA. 370 seats for the bjp and 400 for the nda were PM Modi's targets.