Sensex surges over 1,000 points; Nifty hits record high after BJP’s election wins
A day after poll results were declared in four states, equity benchmark indices rallied in early trade on Monday to hit a record high.
At 9.40 am, the 30-share BSE Sensex climbed by over 1,000 points to 68,483 in early trade. The Nifty went up by over 300 points to 20,566.
The Narendra Modi-led Bharatiya Janata Party (BJP) on Sunday emerged victorious in the elections held in three out of the four states.
The BJP retained power in Madhya Pradesh and wrested control of Rajasthan and Chhattisgarh from the Congress. On the other had, the Congress was able to flip the state of Telangana, where it defeated the K Chandrashekar Rao-led Bharat Rashtra Samithi.
Analysts pointed out that BJP’s clear majority in the three state elections has fuelled the positive sentiment built up last week on the back of robust macroeconomic numbers and unabated foreign fund inflows, according to PTI.
Crude oil prices hovering below USD 80 per barrel also boosted investors sentiment, they said.
Among the Sensex firms, Adani Enterprises and Adani Ports led the index with the maximum gains of 6.79% and 4.52% respectively. Other major companies in green were SBI, ICICI Bank, Bharti Airtel, NTPC and Larsen & Toubro.
On the other hand, Maruti and Britannia and Dr Reddy’s Laboratories defied the trend and traded in negative.