India’s leading stock indices achieved historic highs, buoyed by recent state election triumphs for the ruling party. The NSE Nifty 50 climbed 0.52% to 20,794.50 points, while the S&P BSE Sensex surged 0.50% to a record-breaking 69,204.10 by 9:51 a.m. IST.
Banks marked a 0.7% gain, with public sector banks seeing a notable 1.3% increase. Financials and large-caps emerged as favoured sectors among brokerages, foreseeing a rally in domestic equities in anticipation of the 2024 general elections.
India’s ruling Bharatiya Janata Party secured victories in key state assembly elections, revealed over the weekend, influencing positive market sentiment. Foreign portfolio investors reversed their selling trend, turning consistent buyers in the past seven sessions, according to VK Vijayakumar, chief investment strategist at Geojit Financial Services.
Accumulation in frontline banking stocks was observed, with potential for a further 5% market upswing in the near term, Vijayakumar added. HDFC Bank and ICICI Bank saw a 1% increase, while Axis Bank and State Bank of India each added 1.75%.
Oil & gas stocks, boosted by stabilising Brent Crude futures near $78 per barrel, rose 0.9%. Bharat Petroleum Corp recorded a 3% surge, ranking among the top Nifty 50 gainers. The small- and mid-cap segments, focused on the domestic market, achieved fresh record highs with a 0.4% and 0.6% rise, respectively.
Adani Group stocks extended their rally for the second session, with gains between 2% and 6%. Adani Enterprises and Adani Ports and Special Economic Zone led as the top Nifty 50 gainers.
While Wall Street retreated, Asian markets remained subdued ahead of crucial U.S. labour market data that could impact the U.S. Federal Reserve’s rate policy. The Indian market, however, continues to show resilience and optimism amid global uncertainties.
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