Stock Market Today: Nifty, Sensex Log Best Session In Over 3 Years As Polls Predict Modi 3.0

The local currency strengthened by 32 paise to close at 83.14 against the US dollar.

It closed at 83.46 on Friday.

Source: Bloomberg

India's key equity indices logged their best session in over three years as investors cheered exit polls, which projected victory for the Bharatiya Janata Party-led National Democratic Alliance in the 2024 Lok Sabha elections, along with a better than expected GDP for the country.

Both Nifty and Sensex renewed their intraday highs of 23338.70 points and 76738.89 points respectively.

Both the indices recorded their best closing level also. The Nifty closed at 23,263.90 points, up 733.20 points or 3.25% and the Sensex closed at 76468.70, up by 3.39% or 2,507.47 points.

"The election results will come out tomorrow and looking at last 2 NDA wins, they have usually beaten most exit poll results," said Paras Matalia, fund manager & head of equity research at SAMCO Mutual Fund. "If that happens this time too, markets might see further upside, especially the PSUs and sectors like defence, power, manufacturing and renewable energy benefitting from government's focus.

He added that investors should stay invested although with caution now, as valuations have become pricier.

Alok Jain, smallcase manager and founder at Weekend Investing said that if there is an outcome of continuation which the market is sensing on Monday a lot of funds sitting on the sidelines can continue to pour in, tremendously large FII short positions that have been built can over time be unwound and expectations of new measures in the first 100 days can keep the ball rolling.

He added that there is little chance that this markets will roll back unless the outcome on June 4th is not per expectation. Meanwhile, "There is an outside chance that the actual results may infact be even more strong than the exit polls as has been seen in the last 3 election exit polls where final numbers were far more extended in the direction of the stronger swing."

Shares of Reliance Industries Ltd., State Bank Of India, ICICI Bank Ltd., HDFC Bank Ltd., and Larsen & Toubro Ltd. contributed the most to the gains.

While those of HCL Tech Ltd., Eicher Motors Ltd., Sun Pharmaceutical Industries Ltd., LTIMindtree Ltd., and Asian Paints Ltd. capped the upside.

All sectoral indices ended higher with Nifty PSU Bank shooting over 8%.

Broader markets also rose. The S&P BSE Midcap rose 3.54% and the S&P BSE Smallcap rose 2.05%.

All sectoral indices on the BSE gained. S&P BSE Utilities rose the most. The market breadth was skewed in the favour of buyers. Around 2,341 stocks rose, 1,619 fell and 155 remain unchanged on the BSE.

The stock rose as much as 11.11% to hit its lifetime high of Rs 1,775.

The scrip rose as much as 14.15% to Rs 233.20, its highest level. At 2:25 p.m. it traded 13% higher Rs 230.20, which compares to a 3.13% advance in the Nifty.

It has risen 42.5% on an year-to-date basis and 119.9% in the last twelve months.

Appoints Nitin Kulkarni as Managing Director for five years effective June 24.

Source: Exchange Filing