The impact of Bharatiya Janata Party’s landslide victory in the assembly election results was seen on the domestic stock market. Both market indices rose to record highs. The Bombay Stock Exchange index Sensex closed at a record high of 68,865.12 on Monday, a massive jump of 1384 points. Similarly, the Nifty of the National Stock Exchange also closed at 20,686.80 with a sharp gain of around 419 points. Nifty Bank also closed at 46431.40 with an increase of 1617.2 points.
According to Moneycontrol during trading, Eicher Motors, Adani Enterprises, Adani Ports, BPCL and ICICI were the top gainers in the Nifty. Similarly, HDFC Bank, Britannia Industries, Wipro, Sun Pharma and Titan Company were the top losers on the Nifty. Banking and PSU stocks saw gains. Apart from this, metal, auto and IT stocks also recorded gains.
These factors also played a role.
Apart from the assembly election results, strong GDP data and expectations of a US rate cut in March also provided strong support behind the explosive rally in the domestic stock market. The Bharatiya Janata Party (BJP) has won a landslide victory in Madhya Pradesh, Rajasthan and Chhattisgarh, while the Congress has won in Telangana. The Sensex and Nifty got off to a strong start on Monday and opened at record highs, indicating investor sentiment on the results of the recently concluded assembly elections.
Fifth consecutive day of increase
The domestic market continued to rise for the fifth consecutive day on Monday. Crude oil prices below US$80 per barrel also boosted investor sentiment. Foreign institutional investors (FIIs) bought shares worth Rs 1,589.61 crore on Friday, according to stock market data.
Update in progress…
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