The stock market opened with an unprecedented uptick on Monday, reaching an all-time high after exit polls forecast a decisive victory for the BJP-led NDA coalition, sparking widespread investor optimism.
The Sensex surged by 1859.88 points, opening at a record 75,821.19. Similarly, the Nifty jumped 603.85 points, starting the day at 23,134.55.
Notably, all 50 companies in the Nifty index saw advances, with no declines, marking a rare and robust market performance.
Among the top performers were Adani Ports, Adani Enterprises, Power Grid, Shriram Finance, and NTPC, which led the rally with significant gains.
The buoyant market sentiment was further bolstered by India’s impressive Q4FY24 GDP growth of 7.8 %, surpassing expectations, and bringing the fiscal year’s growth to a robust 8.2 %.
“Buoyant sentiments are driven by India’s impressive Q4FY24 GDP growth of 7.8 per cent, surpassing expectations, with the fiscal year’s growth standing at 8.2 %,” said Varun Aggarwal, founder and managing director of Profit Idea. However, he cautioned that market volatility is anticipated as the final election results draw near.
The optimism wasn’t confined to Indian markets. Asian markets mirrored this positive trend, fueled by China’s outperformance in manufacturing data.
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