India's benchmark equity indices were trading higher through midday trade on Monday after hitting a fresh record high early as the Bharatiya Janata Party's victory reinforced confidence in political stability in Asia's third largest economy.
The BJP has secured majority in the Hindi heartland states of Rajasthan, Madhya Pradesh, and Chhattisgarh, while the Congress made gains in Telangana.
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As of 12:12 p.m., the NSE Nifty 50 rose 309.30 points, or 1.53%, to 20,583.70, while the S&P BSE Sensex gained 1014.12 points, or 1.52%, to 68,494.43.
The pre-election rally for May 2024, which began in November, picked up pace after the state election results, said Shrey Jain, founder and chief executive officer of SAS Online. "With political stability and strong economic growth in the picture, there's a possibility that the Nifty could reach the significant milestone of 21,000 by the end of this month."
Jain sees strong support for Nifty 50 in the 20,200–20,150 range, with a robust buy zone identified at 20,350-20,420. Nifty Bank, he said, is expected to find support around 44,825–44,950 levels, while 45,375–45,500 is identified as a strong resistance zone.
HDFC Bank Ltd., ICICI Bank Ltd., Larsen & Toubro Ltd., Reliance Industries Ltd. and State Bank Of India were positively contributing to the Nifty 50.
While, Britannia Industries Ltd., HDFC Life Insurance Co., LTIMindtree Ltd., Maruti Suzuki India Ltd. and Sun Pharmaceuticals Industries Ltd. weighed on the index.
Of 13 sectoral indices, 11 rose and two declined. Nifty Energy and Realty rose the most, while Nifty Pharma and Media declined the most
The broader market indices rose; the S&P BSE SmallCap was up 1.09%, whereas S&P BSE MidCap was 0.98% higher.
All 20 sectors compiled by BSE advanced. S&P BSE Energy and S&P Capital Goods rose the most.
The market breadth was skewed in favour of the buyers. About 2,476 stocks rose, 1,207 declined, and 197 remained unchanged on the BSE.
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