Setting yet another record, India's benchmark indexes Sensex and Nifty opened on Tuesday with yet another spike after the significant win of ruling BJP in three out of the five state assembly elections 2023. The results of four states were declared on Sunday, and the markets saw a huge surge on Monday morning.
Sensex and NSE Nifty were at an all-time high on Tuesday, just 24 hours after setting the highest ever spike, result of the Bharatiya Janata Party (BJP) winning the elections in three important states - Madhya Pradesh, Rajasthan and Chhattisgarh.
The NSE Nifty 50 index rose 0.52% to 20,794.50 points, while the S&P BSE Sensex was up 0.50% to 69,204.10 as of 9:51 a.m. IST.
Banks gained 0.7% while public sector banks added 1.3%. Several brokerages picked financials and large-caps among their most preferred sectors as they anticipated a rally in domestic equities ahead of 2024 Lok Sabha elections.
Among Nifty companies, 27 witnessed advances, while 23 faced declines. Top gainers included BPCL, Axis Bank, Adani Enterprises, Adani Ports, and Dr Reddy, while HCL, Infosys, Bajaj Auto, Bajaj Finserv, and NTPC were among the top losers.
While the trends remain positive on day 2 of the post-elections spike in the stock market, the GIFT Nifty on the NSE IX experienced a decline of 43.5 points, closing at 20,817. This could lead to a potentially slow start for Dalal Street on Tuesday.
{{/usCountry}}While the trends remain positive on day 2 of the post-elections spike in the stock market, the GIFT Nifty on the NSE IX experienced a decline of 43.5 points, closing at 20,817. This could lead to a potentially slow start for Dalal Street on Tuesday.
{{/usCountry}}Varun Aggarwal, founder and managing director, Profit Idea, told ANI, "Oil prices remained stable on Tuesday amidst uncertainty surrounding OPEC voluntary output cuts and ongoing tensions in the Middle East, causing concerns about supply. Brent crude futures saw a modest increase of 13 cents, reaching USD 78.16 per barrel, while U.S. West Texas Intermediate crude futures rose by 18 cents to USD 73.22 per barrel".
(With inputs from agencies)