Stock Market Today: Sensex, Nifty End Best Day Of The Year At New High On State Poll Outcome
Catch the latest updates on the Indian stock market here
KEY HIGHLIGHTS
Yield On The 10-Year Bond Ends Lower
The yield on the 10-year bond closed 2 bps lower at 7.27% on Monday.
Source: Bloomberg
Indian Rupee Weakens Against The U.S. Dollar
The local currency weakened 7 paise to close at 83.37 against the U.S dollar on Monday.
It closed at 83.30 on Friday
Source: Cogencis
Sensex, Nifty End Best Day Of The Year At New High On State Poll Outcome: Closing Bell
India's benchmark indices ended at a fresh high, gaining 2% for the first time in a year, as investors cheered the BJP's win three Hindi heartland states.
The NSE Nifty 50 ended 418.90 points, or 2.07% higher, at 20,686.80 on Monday, while the S&P BSE Sensex gained 1383.93 points, or 2.05% to close at 68,865.12. The last time, the BSE Sensex and the NSE Nifty 50 closed over 2% higher was on Nov 11, 2022 and Dec 26, 2022, respectively.
The BJP has secured victory in the three major Hindi-speaking states: Madhya Pradesh, Rajasthan, Chhattisgarh, which reaffirmed its position as the dominant party.
"The market has made a solid comeback from lower levels, that too in an environment of uncertainties, which will help Nifty move towards 21500 in the medium to long term. We cannot expect these levels at once but it should be the target and a strategy to buy on dips for positional traders and investors," said Shrikant Chouhan, head equity research, Kotak Securities.
After the breakout, it intensified the positive momentum, forming a long bullish candle on weekly charts and holding a higher high and higher low series formation on intraday charts, which is a largely positive sign."
HDFC Bank Ltd., ICICI Bank Ltd., Kotak Mahindra Bank Ltd., State Bank Of India, Larsen & Toubro Ltd., were adding positively to the indices.
HDFC Life Insurance Company, Britannia Industries Ltd., Wipro Ltd., Titan Company Ltd. , Sun Pharmaceutical Industries Ltd. were weighing on the indices.
All sectoral indices rose except Nifty Pharma and Nifty Media. Nifty Bank and Nifty Energy rose the most
The broader markets undeperformed the S&P BSE MidCap Index was up 1.19%, whereas S&P BSE SmallCap Index was 1.20% higher. All sectors out of 20 sectors compiled by BSE advanced. S&P BSE Oil and Gas and Utilities rose the most.
The market breadth was skewed in favour of the buyers. About 2390 stocks rose, 1446 declined, and 182 remained unchanged on the BSE.
Nifty 50 Gains Over 2%
Nifty Bank Hits Life High
