The sensex hit high records after exit polls predicted a resounding victory for the BJP-led NDA in the Lok Sabha Elections 2024.
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Investors' wealth increased by Rs 12.48 lakh crore on Monday morning, as the benchmark equity index Sensex set a record high. This rise came after exit polls predicted a resounding victory for the BJP-led NDA in the Lok Sabha Elections 2024.
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According to the PTI report, the 30-share BSE Sensex rose 2,777.58 points, or 3.75 per cent, to a new high of 76,738.89 in early trading. This substantial surge in stocks increased the market capitalisation of BSE-listed companies to an all-time high of Rs 4,24,61,833.82 crore (USD 5.10 trillion).
Exit polls on Saturday indicated that Prime Minister Narendra Modi will win a third consecutive term, with the BJP-led NDA expected to win a large majority in Lok Sabha Elections 2024. Vote counting is set for June 4.
"The exit poll numbers are very strong for the incumbent government. Overall it's positive for the markets in the short as well as long term. Also, the recently released good GDP growth data should provide support to existing positive momentum," stated Narendra Solanki, Head of Fundamental Research - Investment Services at Anand Rathi Shares & Stock Brokers.
Reportedly, India's GDP expanded by 8.2 per cent in the fiscal year that ended in March, cementing its status as the world's fastest-growing major economy.
"The GDP numbers which came on Friday were better-than-expected with 8.2 per cent growth. This will provide fundamental support to the market," stated V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
All 30 Sensex companies were trading higher. Power Grid, NTPC, State Bank of India, Larsen & Toubro, Mahindra & Mahindra, IndusInd Bank, and Axis Bank were the most gainers, the report added.
Per the PTI report, in Asian markets, Seoul, Tokyo, and Hong Kong all rose, but Shanghai fell. On Friday, US markets closed mostly higher.
Foreign Institutional Investors (FIIs) purchased securities worth Rs 1,613.24 crore on Friday, according to exchange statistics.
Several exit polls predict big win for BJP-led NDA in Lok Sabha Elections 2024
Several exit polls on Saturday predicted that Prime Minister Narendra Modi will retain power for a third straight term, with the BJP-led NDA expected to win a big majority in the Lok Sabha polls.
After the seventh and last phase of voting ended on Saturday, Modi exuded confidence that people have voted in record numbers to re-elect the NDA government and said the "opportunistic INDI Alliance" failed to strike a chord with the voters who rejected their "regressive politics".
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