Indian equity benchmarks Sensex and Nifty soared in early trade on Monday, buoyed by an across-the-board rally and the resounding success of the BJP-led Mahayuti alliance in Maharashtra's assembly elections.
Continuing the momentum from the previous day’s strong performance, the BSE benchmark Sensex surged by 1,289.89 points, reaching 80,407 in early trade.
The NSE Nifty also climbed 405.25 points, reaching 24,312.50.
Among the top gainers in the 30-share Sensex pack were Mahindra & Mahindra, Larsen & Toubro, State Bank of India, Reliance Industries, ICICI Bank, and Bajaj Finance. However, JSW Steel and Infosys saw losses.
V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, attributed the sharp upswing to the BJP's historic victory in Maharashtra.
He noted that the rally in the Nifty, which surged by 557 points on Friday, is expected to continue as the market digests the political message from the Maharashtra elections, which is seen as highly positive from an economic standpoint.
The BJP's stunning performance in Maharashtra, winning a record number of seats and securing a landslide victory for the Mahayuti alliance, came just as the INDIA bloc surged to power in Jharkhand, buoyed by a strong showing from the JMM.
Asian markets also displayed positive movement, with Seoul and Tokyo trading higher, while Shanghai and Hong Kong posted losses. In the US, markets closed on a positive note on Friday.
"Sentiment is expected to remain upbeat following the BJP-led alliance’s significant victory in Maharashtra, along with the rally in global markets," said Vikas Jain, Head of Research at Reliance Securities.
Meanwhile, global oil benchmark Brent crude dipped 0.37 per cent to $74.89 per barrel.
Foreign Institutional Investors (FIIs) sold equities worth Rs 1,278.37 crore on Friday, as per exchange data.
On Friday, the BSE benchmark closed up by 1,961.32 points, or 2.54 per cent, to settle at 79,117.11, while the Nifty soared by 557.35 points, or 2.39 per cent, to close at 23,907.25.
Follow us
