The Indian stock market witnessed an unprecedented surge today, with the Sensex and Nifty hitting record all-time highs just one day before the counting of votes for the Lok Sabha elections. The 30-share BSE Sensex soared 2,507 points, or 3.4%, to close at 76,469, while the NSE Nifty50 climbed 733 points, or 3.25%, to settle at 23,264. This marks the biggest single-day rally ahead of election results since 2009 when the indices had jumped 2.46%.
Major gainers and losers
On the Sensex, NTPC led the gainers, advancing 9.21%, followed by strong performances from SBI, PowerGrid, L&T, Axis Bank, and Reliance. In contrast, HCLTech, Sun Pharma, Asian Paints, Nestle, and Infosys were the major losers of the day.
Broader market performance
The BSE Midcap and Smallcap indices also saw significant gains, advancing 3.54% and 2.05%, respectively, reflecting broad-based buying across sectors.
Sectoral highlights
- PSU Banks: The Nifty PSU Bank index surged over 8%, marking a substantial boost in public sector bank stocks.
- PSE and Realty: The Nifty PSE index jumped 7.8%, while the Nifty Realty index gained 6%.
- Nifty Bank: For the first time, the Nifty Bank index crossed the 51,000 mark, hitting an intraday high of 51,133.
Previous session recap
In the previous trading session on Friday, the S&P BSE Sensex had gained 76 points to close at 73,961 after overcoming initial volatility, while the NSE Nifty50 had settled at 22,531, up 42 points.
Market outlook
Analysts attributed today's rally to positive market sentiment ahead of the election results, with investors anticipating favourable outcomes that could lead to stable economic policies. The surge in PSU bank stocks also reflects growing investor confidence in the sector's prospects.
Also read | Sensex up 2,500 points, Nifty jumps over 1,000 points after exit polls predict PM Modi's 'massive' victory
