In a surprising turn of event, equity
benchmark indices rallied in early trade to hit a record high on Monday a day
after poll results were declared in four States.
This morning, the 30-share BSE Sensex crossed
1,000 points to 68,483 in early trade. The Nifty went up by over 300 points to
20,566.
The Narendra Modi-led Bharatiya Janata
Party (BJP) swept over three out of the four States, in the recently held
Assembly elections, results of which were declared on Sunday.
The BJP couldn’t be dislodged from power
in Madhya Pradesh and wrested control of Rajasthan and Chhattisgarh from the
Congress.
On the other hand, the Congress was able
to defeat the K Chandrashekar Rao-led Bharat Rashtra Samithi in Telangana.
Analysts highlighted out that BJP’s
clear majority in the three State elections has fuelled the positive sentiment
built up last week on the back of strong macroeconomic numbers and unabated
foreign fund inflows, according to PTI.
Crude oil prices hovering below US$ 80
per barrel also boosted investors’ sentiment, they said.
Among the Sensex firms, Adani
Enterprises and Adani Ports led the index with the maximum gains of 6.79 per
cent and 4.52 per cent respectively. Other significant companies in green were
SBI, ICICI Bank, Bharti Airtel, NTPC and Larsen & Toubro.
On the other hand, Maruti and Britannia
and Dr Reddy’s Laboratories defied the trend and traded in negative.
NE Watch Desk
