June 3rd 2024.
In Mumbai, the stock market is experiencing a significant surge as the Sensex and Nifty indices have skyrocketed by nearly 4 percent in early trade on Monday. This has led to both indices reaching an all-time high level, after the exit polls predicted a resounding victory for the BJP-led NDA in the Lok Sabha elections.
The 30-share BSE Sensex has jumped an impressive 2,777.58 points, equivalent to a 3.75 percent increase, and has hit a record peak of 76,738.89 in early trade. Similarly, the NSE Nifty has also seen a remarkable rally, with a surge of 808 points or 3.58 percent, taking it to a fresh all-time high of 23,338.70.
These impressive gains are a direct result of the exit polls that were conducted on Saturday, which have predicted that Prime Minister Narendra Modi will continue to hold power for a third consecutive term. The BJP-led NDA is expected to secure a significant majority in the Lok Sabha elections, as per the exit poll results.
The counting of votes is scheduled to take place on June 4, and until then, all eyes will be on the stock market. Currently, all the 30 companies listed on the Sensex are trading in the green, a clear indication of the positive sentiment in the market. Power Grid, NTPC, Larsen & Toubro, State Bank of India, Axis Bank, IndusInd Bank, ICICI Bank, and Mahindra & Mahindra have emerged as the biggest gainers in this surge.
India's economy has also been performing exceptionally well, with a growth rate of 8.2 percent in the fiscal year that ended in March. This has solidified the country's position as the fastest-growing major economy in the world, a feat that is being celebrated by both domestic and international investors.
In other Asian markets, Seoul, Tokyo, and Hong Kong are all showing gains, while Shanghai is experiencing a dip. This trend is in line with the positive sentiment in the Indian stock market. Furthermore, the US markets also ended on a high note on Friday, adding to the overall positive outlook in the global market.
On the global front, foreign institutional investors are showing a strong interest in Indian equities, with investments worth Rs 1,613.24 crore on Friday, as per exchange data. In terms of oil prices, the global benchmark Brent crude has seen a slight dip of 0.04 percent, bringing it to $81.08 per barrel.
On Friday, the BSE benchmark recorded an increase of 75.71 points or 0.10 percent, settling at 73,961.31. Similarly, the Nifty also saw a slight rise of 42.05 points or 0.19 percent, ending the day at 22,530.70. These figures further indicate the overall positive trend in the Indian stock market, which is being fueled by the exit poll results and the country's strong economic growth. All eyes are now on the counting of votes on June 4, which will determine the future direction of the stock market.
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