Indian Stock Market Scales New Peak Boosted by BJP’s Success

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Indian Stock Market Scales New Peak Boosted by BJP’s Stunning Election Success

| Updated: December 4, 2023 15:23

The stunning results of Assembly elections favouring the BJP has resulted in the Indian stock market celebrating it by hitting a fresh all time high on Monday.  The BJP’s success in elections today has driven the stock market to a new high and infused a new energy. The hatrick comment that prime minister Narendra Modi made indicating that he is all set to come back in 2024 has not boosted the market moment. This has also, for now, eased global rate expectations.

The NSE Nifty 50 index (.NSEI) rose as much as 1.65% to 20,602.50 points, notching a record high for second session in a row. The S&P BSE Sensex (.BSESN) was up 1.64% to an all-time high of 68,447.90 as of 11.30 am. This is the highest sensex point record since September 15.

Financial services (.NIFTYFIN) rose up 1.8% and energy stocks (.NIFTYENR) climbed 2%, leading sectoral gains.

Index heavyweights Reliance Industries (RELI.NS), ICICI Bank (ICBK.NS), HDFC Bank (HDBK.NS) gained between 1% and 3%.

Small- (.NIFSMCP100) and mid-caps (.NIFMDCP100) gained about 1% each, also hitting new all-time highs.

“The state election outcome will lead to greater confidence in the continuity of BJP government at the centre which will drive markets higher,” Anjali Verma and Ravi Kumar, research analysts at PhillipCapital said in a statement.

The Nifty and Sensex posted their best month in 2023 in November, aided by return of foreign inflows on improved global rate outlook.

Adani group stocks gained between 3% and 9% and topped gains in several sectoral indexes including metals (.NIFTYMET) and energy (.NIFTYENR).

  • Two of Nifty50’s top five gainers, and four of the five top gainers on BSE were Adani group stocks.
  • Bharti Airtel, NTPC and State Bank of India were amongst other top gainers in morning trade.
  • Experts expect an across-the-board rally with favourable GDP and retail inflation data adding to state election results.

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