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Published 10:17 IST, June 3rd 2024

Sensex surges 2,621 points, hits record high as markets rejoice exit poll predictions

The market is surging because of hopes of policy stability after exit polls predict a clean sweep for PM Narendra Modi-led NDA for a rare third term.

Reported by: Business Desk
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Stock market news | Image: Republic World
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Blockbuster opening: The BSE Sensex and NSE’s Nifty 50 opened at new record highs buoyed by strong optimism after exit polls added weight to the possibility of Prime Minister Narendra Modi’s third term. The BSE Sensex opened 2,621 points or 3.55 per cent higher at 76,583 and NSE’s Nifty 50 opened 807 points or 3.58 per cent higher at 23,337.90, both breaking past their all-time highs. 

The market is surging because of hopes of policy stability after exit polls predict a clean sweep for PM Narendra Modi-led National Democratic Alliance for a rare third term. Exit polls over the weekend forecasted that Bharatiya Janata Party (BJP) and its allies would expand their current 303 seats in the 543-member lower house, potentially securing a two-thirds majority. 

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The Bharatiya Janata Party (BJP)-led National Democratic Alliance (NDA) appears set to clinch 364 seats, while the INDI Alliance is projected to settle at 139 seats, with other parties expected to secure approximately 40 seats out of the total 543 seats in the Lok Sabha, according to Republic's election forecast derived from exit poll data collected by Matrize and P-MARQ.

Nifty’s all sectoral indices were trading in green with Nifty PSU Bank leading the charge with over 4.54 per cent gains. Following the rise, Nifty Realty gained over 3.81 per cent, Nifty Oil and Gas gained 3.57 per cent, Nifty Private Bank gained over 3.26 per cent, and Nifty Financial Services gained over 3.5 per cent. 

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Adani Ports was the biggest gainer of the day on the National Stock Exchange with more than 8.86 per cent gains, followed by Shri Ram Finance which was trading almost 8 per cent up. Power Grid Corp (up by 6.58 per cent), Adani Enterprises (5.68 per cent), BPCL (up by 5.67 per cent), NTCL (up by 5.10 per cent), and Mahindra and Mahindra (up by 4.84 per cent). 

The BSE Sensex’s all stocks were trading in green. All shares of Gautam Adani-led Adani Group were also trading in. Eicher Motors and LTI Mindtree were the only stocks in Nifty 50 trading in the red.

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(This is a developing story)

09:31 IST, June 3rd 2024