Sensex and Nifty Surge to Record Highs after Exit Poll Results

After the exit polls, the stock market has made a record jump. On Monday, the Sensex surged more than 2500 points, while Nifty surpassed 23,250. The Bank Nifty crossed the 50,000 mark for the first time. In opening trade, the Sensex jumped 2,507.47 points or 3.39 percent to 76,468.78. Meanwhile, Nifty closed 733.21 points or 3.25 percent higher at 23,263.90.

On Monday, the rupee also experienced its biggest jump against the dollar in the last five months, since December 2023. It closed at Rs 83.1425, up 28 paisa or 0.4%. During the session, the rupee touched a record high of 82.9575. In the 30-share Sensex pack, 27 stocks ended with gains, while only three stocks closed in the red. 

Exit polls have predicted a massive victory for the BJP-led NDA. The 30-share BSE index ended 2,507.47 points or 3.39 percent higher at 76,468.78. The Sensex surged 2,777.58 points or 3.75 percent to 76,738.89. Conversely, the broader NSE Nifty surged 733.20 points or 3.25 percent to 23,263.90, touching a new all-time high of 23,338.70.

The Sensex reached an all-time high due to sharp gains in blue-chip stocks like Reliance Industries, ICICI Bank, HDFC Bank, and State Bank of India. Strong GDP numbers also contributed to the market’s buoyancy. Shares of all Adani Group companies continued to rally on Monday, with Adani Power up nearly 16 percent.

Public sector undertakings, power, utilities, oil, energy, capital goods, and realty indices rose up to 8 percent. Exit polls indicate that Prime Minister Narendra Modi will secure a third consecutive term, with the BJP-led NDA expected to achieve a massive majority in the Lok Sabha elections. Vote counting will take place on June 4. Markets opened at new highs today, driven by exit polls predicting a significant victory for the Bharatiya Janata Party-led NDA.

NTPC, State Bank of India, and Power Grid were the top gainers in the 30-share Sensex pack. Other top movers included IndusInd Bank, Tata Steel, ICICI Bank, Axis Bank, Larsen & Toubro, Maruti Suzuki, and Reliance Industries. On the other hand, HCL Technologies, Asian Paints, Nestle India, and Infosys were among the laggards.

Vinod Nair, Head of Research at Geojit Financial Services, stated: “Exit polls have raised hopes of a memorable victory for the incumbent government. Earlier, a rally was witnessed in the market. India’s economy grew by 8.2 percent in the fiscal year that ended in March, strengthening the country’s position as the fastest-growing major economy in the world.”

In Asia, bourses in Shanghai, Hong Kong, Tokyo, and Seoul ended with gains, while Shanghai was in the red. European markets were trading positively, and U.S. markets closed mostly higher on Friday. Foreign institutional investors (FIIs) bought shares worth a net Rs 1,613.24 crore in the domestic equity market on Friday, provisional data showed. Brent crude, the global oil benchmark, rose 0.18 percent to USD 81.26 per barrel. The BSE Sensex ended 75.71 points or 0.10 percent higher at 73,961.31. The broader NSE Nifty rose 42.05 points or 0.19 percent to 22,530.70.