Sensex, Nifty jump to lifetime high after BJP assembly polls win
The National Stock Exchange's Nifty climbed 418.90 points.
New Delhi: A day after the Bharatiya Janata Party won the elections in Chhattisgarh, Madhya Pradesh and Rajasthan, the Bombay Stock Exchange's Sensex jumped a massive 1383.93 points on Monday. The index settled at a lifetime high of 68,865.12 points. The National Stock Exchange's Nifty climbed to 418.90 points to close at a record 20,686.80 points.
The record highs rode on boosted investor sentiment due to strong macroeconomic data, ease of global interest rate expectations, low crude oil prices and the BJP's win.
The NSE Nifty rose 2.07 percent whereas the BSE Sensex climbed 2.05 percent. The two benchmarks also recorded their best session in over 14 months.
Gaurav Dua, senior vice president and head of capital market strategy firm Sharekhan, told Reuters that the strong strong macroeconomic data, favourable political outcome from state assembly elections and improving global environment have improved the investor investment. He said Nifty will grow further before the Lok Sabha elections next year.
Eleven of the 13 major sectors hit new all-time highs on Monday. Financial services rose up 3.23% and energy stocks climbed 2.61%, leading sectoral gains. The two indexes account for about 46.5% weightage in Nifty 50 index, it reported.
Reliance, ICICI, HDFC were the biggest gainers with between 1 and 5 percent.
Adani group stocks advanced between 1.4% and 10%. Eicher Motors also hit a record high on robust November sales.
The BJP won 3 states; the Congress won Telangana.
With inputs from Reuters
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