In early trade on Monday, Indian equities indexes raced to new all-time highs, powered by advances across all sectors. The 30-share BSE Sensex rose more than 1,100 points to an all-time high of 68,587.82, while the NSE Nifty rose more than 300 points to a new high of 20,602.50. The broader market (mid- and small-cap) shares were also up, with the Nifty Midcap 100 rising 1.02 percent and the small-cap index rising 1.06 percent.
The victory of the Bharatiya Janata Party (BJP) in important state elections (Madhya Pradesh, Rajasthan, and Chhattisgarh) improved investor confidence. “The results of the state elections have proven to be a significant event that can spark renewed optimism and a further rally in the market.” In the short term, the market will disregard fundamentals and continue to rise, but excessive valuations will soon cause some selling,” said VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
Asian markets opened higher today on the global front. Stocks on Wall Street rose on Friday.
In the previous session, foreign institutional investors (FIIs) acquired shares worth Rs 1,589.61 crore on a net basis, while domestic institutional investors (DIIs) purchased shares worth Rs 1,448.08 crore.
The NSE’s 15 sector indices were all trading in positive territory. Nifty Bank, Nifty Financial Services, and Nifty Oil & Gas sub-indices outperformed the NSE platform by up to 2.18 percent, 2.10 percent, and 2.27 percent, respectively.
On a stock-by-stock basis, Adani Enterprises was the highest gainer in the Nifty 50, rising 6.45 percent to Rs 2,515. Adani Ports, ICICI Bank, SBI, and NTPC all increased their stock prices by up to 5.04 percent.
Britannia Industries, Maruti, and Dr. Reddy’s, on the other hand, were among the top laggards.
On the BSE, the overall market breadth was positive, with 2,409 shares rising and 616 falling.
Index heavyweights such as HDFC Bank, ICICI Bank, L&T, Reliance Industries, and Infosys were among the top gainers on the 30-share BSE index.
NLC India, Barbeque-Nation Hospitality, Adani Green Energy, and Adani Power all increased by 11.36 percent. Zee Entertainment Enterprises, Kirloskar Ferrous Indus, KNR Constructions, Delta Corp, and Chemplast Sanmar, on the other hand, fell up to 4.06 percent.
