During Monday’s trading session, the benchmark stock market indices witnessed a remarkable surge, with the Sensex and Nifty reaching historic highs.
The S&P BSE Sensex breached the 76,000 mark for the first time, rallying over 500 points. Simultaneously, the Nifty50 also achieved a new milestone, touching 23,110.80.
By 1:26 pm, the Sensex had climbed 495.85 points to reach 75,906.24, while the Nifty50 surged 126.45 points to 23,083.55.
Despite prevailing volatility, broader market indices also posted significant gains, reflecting the overall bullish sentiment on Dalal Street.
Today’s uptrend was notably driven by robust performances in banking, financial services, and IT sectors.
Among the top gainers on the Nifty50 were Divi’s Laboratories, IndusInd Bank, Bajaj Finance, Adani Ports, and Axis Bank. Conversely, Wipro, Grasim, ONGC, Adani Enterprises, and Eicher Motors were among the top losers.
While market sentiment remains optimistic, largely fuelled by expectations of a third consecutive term for the BJP-led NDA, analysts caution against potential short-term fluctuations.
Brokerage firms foresee a BJP victory, which is anticipated to bolster investor confidence and sustain positive market sentiment. However, they also asserted that an unexpected outcome could trigger a near-term downturn.
Ruchir Sharma, noted investor and author, warned that the markets could witness a swift 10-20 per cent decline if the BJP secures fewer than 250 seats in the upcoming Lok Sabha election results, scheduled for June 4.
Amidst these forecasts, market participants remain watchful, balancing optimism with caution as they navigate through volatile market conditions.
