The Sensex index hit a record high of 76,738 in intraday projections after the exit polls. And that’s not all, the market surged on Monday.
Both the Nifty50 and the BSE Sensex closed at record highs, crossing 23,250 and 76,400 respectively. The surge came after exit polls over the weekend suggested the recently concluded general elections would see Prime Minister Narendra Modi’s government secure a third term.
The Sensex index rose 2,507 points to close at 76,469 while the broader NSE Nifty index rose 733 points to close at 23,264.
The market capitalisation of all companies listed on the BSE increased by Rs 14,000 crore to Rs 42.61 billion.
Sector
All the major sectors rose. Financials rose 4% to a new record high, while the public banking sector surged 8.4%. Nifty Oil & Gas also rose about 6.8% and Nifty Real Estate also surged about 6%. Broader, more domestically focused small and midcap stocks rose about 2.4% and 3.2%, respectively.
Exit poll results:
Nearly all exit polls indicate that the BJP is likely to win the Indian Lok Sabha elections on June 4. The average of all major exit polls suggests that the BJP-led NDA will secure 374 seats.
Data released on Friday showed the economy grew 7.8% in the first quarter, better than expected, also boosting business confidence.
Top vote winners and losers:
Adani Ports (10.20%)
NTPC (9%)
SBI (9%)
Power grid (8.9%)
The losers were Eicher Motors, LTI Mindtree, HCL Tech and Asian Paints.
The results of India’s Lok Sabha elections are due to be announced on June 4, when it will become clear whether the BJP will win for a third time.
