stock market today, BSE Sensex And nifty 50 Reasons for the rally Market capitalization The total capitalisation of all companies listed on BSE increased by Rs 11.96 lakh crore to Rs 424.08 lakh crore.
Indian stock markets hit record highs on Monday, with the Nifty 50 crossing 23,000 and the BSE Sensex breaching 76,000, driven by exit polls indicating a comfortable third term for Prime Minister Narendra Modi.Investors expect the Modi government to continue its focus on infrastructure and manufacturing investment to boost economic growth.
Most exit polls indicate that the BJP is sure to win the June 4 Lok Sabha elections, with the BJP-led NDA projected to win an average of 374 seats.
Area wise, Nifty PSU BankOil & Gas, Financial Services, Metals, Realty and Auto opened with gains of 3% to 5%.
Also check this | Stock market live updates: BSE Sensex, Nifty 50 at record highs
Dr Ravi Singh, Senior Vice President (Retail Research), Religare Broking said, “All exit polls are indicating that the BJP will retain power, which is expected to lead to a positive response from the markets. However, given the election uncertainty, we may see a volatile session on Monday as the market reacts to the exit poll data and anticipates the final results. Investors should be prepared for volatility but remain optimistic about a potential rally if the final results are in line with the exit polls.”
According to recent data, India's economic growth rate rose to 8.2% in the financial year ending March 2024, supported by government spending on infrastructure and a thriving real estate sector. Dr. VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services, said, “The GDP data on Friday was better than expected with a growth of 8.2%. This will provide fundamental support to the market. S&P's upward revision in India's rating outlook is also positive.”
Analysts believe that if Modi scores a strong win as the exit polls suggest, he will have the political capital to push through more challenging land and labor reforms. Investors also expect the Modi government to continue its efforts to turn the country into a manufacturing hub, a project that has attracted foreign companies such as Apple and Tesla to set up production facilities as they diversify their operations beyond China.
Read this also | Adani Group shares surge on Modi wave! Market cap rises by Rs 1.4 lakh crore due to NDA's victory forecast in exit polls
Global markets rallied, with MSCI's broadest index of Asia-Pacific shares outside Japan rising 1.4% after falling 2.5% last week. Chinese blue chips added 0.3%, while Japan's Nikkei added 1.1% and South Korea added 1.8%. Eurostoxx 50 futures climbed 0.9%, and FTSE futures rose 0.7% as risk-on sentiment spread.
Oil prices were relatively steady on Monday as investors assessed OPEC+'s decision to continue with deep production cuts until 2025. Brent futures for August delivery were down 4 cents, or 0.05%, at $81.07 a barrel, while US West Texas Intermediate (WTI) crude futures for July delivery fell 1 cent, or 0.01%, to $76.98.
Foreign institutional investors (FIIs) turned net buyers on the last day of the month and purchased shares. Indian Equities On May 31, domestic institutional investors bought shares worth Rs 1,613.24 crore, while domestic institutional investors bought shares worth Rs 2,114.17 crore.
The Indian rupee strengthened by 42 paise to Rs 83 per dollar in early trade after exit polls forecast a third term for Prime Minister Narendra Modi.
Indian stock markets hit record highs on Monday, with the Nifty 50 crossing 23,000 and the BSE Sensex breaching 76,000, driven by exit polls indicating a comfortable third term for Prime Minister Narendra Modi.Investors expect the Modi government to continue its focus on infrastructure and manufacturing investment to boost economic growth.
Most exit polls indicate that the BJP is sure to win the June 4 Lok Sabha elections, with the BJP-led NDA projected to win an average of 374 seats.
Area wise, Nifty PSU BankOil & Gas, Financial Services, Metals, Realty and Auto opened with gains of 3% to 5%.
Also check this | Stock market live updates: BSE Sensex, Nifty 50 at record highs
Dr Ravi Singh, Senior Vice President (Retail Research), Religare Broking said, “All exit polls are indicating that the BJP will retain power, which is expected to lead to a positive response from the markets. However, given the election uncertainty, we may see a volatile session on Monday as the market reacts to the exit poll data and anticipates the final results. Investors should be prepared for volatility but remain optimistic about a potential rally if the final results are in line with the exit polls.”
According to recent data, India's economic growth rate rose to 8.2% in the financial year ending March 2024, supported by government spending on infrastructure and a thriving real estate sector. Dr. VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services, said, “The GDP data on Friday was better than expected with a growth of 8.2%. This will provide fundamental support to the market. S&P's upward revision in India's rating outlook is also positive.”
Analysts believe that if Modi scores a strong win as the exit polls suggest, he will have the political capital to push through more challenging land and labor reforms. Investors also expect the Modi government to continue its efforts to turn the country into a manufacturing hub, a project that has attracted foreign companies such as Apple and Tesla to set up production facilities as they diversify their operations beyond China.
Read this also | Adani Group shares surge on Modi wave! Market cap rises by Rs 1.4 lakh crore due to NDA's victory forecast in exit polls
Global markets rallied, with MSCI's broadest index of Asia-Pacific shares outside Japan rising 1.4% after falling 2.5% last week. Chinese blue chips added 0.3%, while Japan's Nikkei added 1.1% and South Korea added 1.8%. Eurostoxx 50 futures climbed 0.9%, and FTSE futures rose 0.7% as risk-on sentiment spread.
Oil prices were relatively steady on Monday as investors assessed OPEC+'s decision to continue with deep production cuts until 2025. Brent futures for August delivery were down 4 cents, or 0.05%, at $81.07 a barrel, while US West Texas Intermediate (WTI) crude futures for July delivery fell 1 cent, or 0.01%, to $76.98.
Foreign institutional investors (FIIs) turned net buyers on the last day of the month and purchased shares. Indian Equities On May 31, domestic institutional investors bought shares worth Rs 1,613.24 crore, while domestic institutional investors bought shares worth Rs 2,114.17 crore.
The Indian rupee strengthened by 42 paise to Rs 83 per dollar in early trade after exit polls forecast a third term for Prime Minister Narendra Modi.