Monday, June 24, 2024

Sensex, Nifty open at fresh all-time high – N.F Times


 

Mumbai: Sensex and Nifty soared to record-high levels today (June 3) after a majority of the exit polls predicted that the Bharatiya Janata Party (BJP)-led NDA may win over 350 of the 543 seats in the Lok Sabha elections. Sensex surged 2,778 points, nearly 4 per cent, to hit its all-time high of 76,738.89. Nifty 50 surged 808 points, nearly 4 per cent, to hit its fresh record high of 23,338.70.

Power Grid Corp, Adani Ports, Adani Enterprises, Shriram Finance and NTPC are among major gainers on the Nifty.

Nifty Bank rose above 50,000 for the first time as markets opened ahead of Lok Sabha election results.

Nifty PSU Bank jumped over 4% today. Top gainers included: Bank of Baroda, Bank of India, Canara Bank and State Bank of India.

Indian rupee opened 47 paise higher at 82.99 per dollar today versus Friday’s close of 83.46.

Benchmark indices are trading strong in the pre-opening session as Sensex was up 2,093.53 points or 2.83 per cent at 76,054.84. Nifty was up 798.60 points or 3.54 per cent at 23,329.30.

Kotak Institutional Equities said that the new government likely to focus on investment-led growth. A large BJP victory may sustain rich-to-bubble multiples in parts of the market, it said.

IIFL Securities said that there could be attempts at accelerated reforms if PM Modi is re-elected while key sectors will be electricity and agriculture. The brokerage also remained positive on sectors like infrastructure, cement, private banks, NBFCs, and select industrials while being negative on IT & chemicals & neutral on most consumer sectors.


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