PM Modi-led BJP win prompts all-time-high Sensex, Nifty response; here's why - Hindustan Times
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PM Modi-led BJP win prompts all-time-high Sensex, Nifty response; here's why

Dec 04, 2023 12:15 PM IST

The 30-share BSE Sensex jumped 877.43 points, or 1.30 per cent, to a new peak of 68,358.62 in early trade.

Mumbai: The Indian stock markets on Monday gave a big thumbs up to the BJP's win in Madhya Pradesh, Chhattisgarh and Rajasthan as the market capitalisation of all listed companies surged by 4.09 lakh crore within minutes, reported ET. The Indian currency also gained 6 paise against the US dollar.

Bombay Stock Exchange (BSE) building in Mumbai.(Reuters file photo)
Bombay Stock Exchange (BSE) building in Mumbai.(Reuters file photo)

According to experts, strong macroeconomic data, BJP's win and crude oil prices hovering below the 80-dollar mark contributed to the rally of stock markets.

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The 30-share BSE Sensex jumped 877.43 points, or 1.30 per cent, to a new peak of 68,358.62 in early trade. The Nifty also climbed 284.80 points, or 1.41 per cent to hit its all-time high of 20,552.70.

The Adani Group companies were the biggest gainers in early trade. SBI, ICICI Bank, Bharti Airtel, NTPC and Larsen & Toubro also gained massively.

"Market likes political stability and a reform-oriented, market-friendly government. From the market perspective, the results were better-than-expected. The market has already partly discounted a BJP victory with a 500 point rally during the last 4 sessions. But the mood is so exuberant that the rally will continue," V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, told PTI.

On Friday, Nifty ended up at an all-time high of 20,267.90. The same day, as exit polls poured in, the market cap of all companies listed in NSE reached the highest level of 4 trillion dollars. The values of all BSE companies had touched 4 trillion dollars on Wednesday.

Kapil Gupta, an economist at Nuvama Wealth Management, told Bloomberg that the election results would ease political risk; hence, boost market sentiment.

Meanwhile, gold prices also surpassed the 2100 dollar mark for the first time.

With inputs from agencies

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