On Wednesday the Bharatiya equity benchmarks staged a strong rebound as Prime Minister Narendra Modi-led National Democratic Alliance (NDA) was set to return to power for third time.
The Sensex increased as much as 2,215 points and Nifty 50 index moved above its important psychological level of 22,500.
As of 2:35 pm, the Sensex was up 2.93 %, or 2,118 points at 74,196 and Nifty 50 Index climbed 669 points to 22,553.
NDA leaders are arriving in New Delhi to discuss the formation of government under the leadership of PM Modi and the third NDA government is likely to be sworn in on June 8.
A major ally NDA reaffirmed their support for him on Wednesday and was poised to participate in discussions aimed at forging a coalition government, bolstering PM Modi’s prospects for securing a third consecutive term in office.
IndusInd Bank was top Nifty gainer, the stock rose 7.3% to Rs 1,492. Mahindra & Mahindra, Shriram Finance, Hero MotoCorp, Adani Ports, Tata Steel, Bajaj Finance, ONGC, Hindalco, Divi’s labs and Kotak Mahindra Bank also rose between 4-6 %. The overall market breadth was extremely positive as 2,454 shares were advancing.
Meanwhile, speaking at the BJP headquarters in the national capital as the counting of Lok Sabha election votes neared conclusion, PM Modi highlighted the significant achievements of the past decade. “In the last ten years, India has made numerous substantial decisions. The philosophy of ‘Nation First’ instills in us the confidence to achieve extraordinary goals. We implemented the world’s largest beneficiary schemes. Seventy years post-independence, 120 million people received tap water, 40 million received pakka houses, and 800 million received free ration,” he remarked.
ALSO READ: “Prime Minister Modi Pledges Bold Decisions in Third Term Amid BJP’s Strong Election Showing”
Comments