Sensex-Nifty at record high in anticipation of Modi 3.0

Ronit Kawale
Ronit Kawale - Senior Editor
3 Min Read

The stock market opened with an unprecedented surge on Monday and hit an all-time high after exit polls forecast a decisive victory for the BJP-led NDA alliance, leading to widespread optimism among investors.

WhatsApp Group Join Now
Telegram Group Join Now

The Sensex opened with a gain of 1859.88 points at 75,821.19. Similarly, the Nifty opened with a gain of 603.85 points at 23,134.55.

Notably, all 50 companies comprising the Nifty index saw gains, with none declining, marking a rare and strong market performance.

Top performing stocks included Adani Ports, Adani Enterprises, Power Grid, Shriram Finance and NTPC, leading the rally with significant gains.

The upbeat market sentiment was further boosted by India's impressive fourth quarter GDP growth rate of 7.8 per cent, which beat expectations and took the fiscal year growth rate to 8.2 per cent.

Varun Agarwal, founder and managing director of Profit Ideas, said, “India's fourth quarter GDP growth rate was 7.8 percent, which is much higher than expectations. Growth rate for the financial year was 8.2 percent.” However, he cautioned that volatility is expected in the market after the final election results are out.

This optimism was not limited to the Indian markets. This positive trend was also seen in the Asian markets, which was strengthened by China's better performance in the manufacturing sector data.

Korea's Kospi rose 1.49 per cent, Japan's Nikkei added 1.13 per cent and Australia's ASX200 added 0.82 per cent. In the US, the Dow Jones and S&P 500 closed with gains of 1.51 per cent and 0.80 per cent respectively, although the Nasdaq saw a marginal decline.

An easing in the Federal Reserve's preferred inflation measure has raised expectations of an early interest rate cut, further strengthening Asian stock markets.

Still, geopolitical tensions and US election dynamics remain potential sources of volatility, which could impact global markets.

Oil prices are also rising, reflecting strong investor confidence, as evidenced by the huge demand for Saudi Aramco's $12 billion share sale.

Claudia Sheinbaum's projected victory for the ruling party MORENA in Mexico signals continuity in governance, which has been taken positively by the markets.

Looking ahead, market participants are keenly awaiting key economic indicators, including inflation data in emerging markets and growth data from various sectors.

The European Central Bank's policy meeting and the release of the US jobs report will be important to provide further information about the market.

This convergence of positive domestic and international economic data, combined with favorable political forecasts, has set the stage for a dynamic and potentially volatile trading period as final election results approach.

PressNews24 provides latest news, bollywood news, breaking news hollywood, top tech news, business standard news, indian economy news, world economy news, travel news, mumbai news, latest news mumbai loksabha election 2024, video viral news, delhi news, Only at

Leave a comment