Indian equities surged to record highs in Monday's opening trade, driven by exit polls predicting a decisive victory for Prime Minister Narendra Modi's NDA government in the upcoming 2024 Lok Sabha elections.
The BSE Sensex rocketed by 2,622 points, or 3.5%, reaching a new all-time high of 76,583. Meanwhile, the NSE Nifty50 jumped 807 points, hitting 23,337 in early trading.
All Sensex stocks were in positive territory, led by Power Grid, L&T, NTPC, SBI, Axis Bank, M&M, ICICI Bank, and Ultratech Cement, with gains ranging from 3% to 7%.
In the broader market, the Nifty SmallCap index rose 2.73%, and the MidCap index increased by 2.5%.
Sector-wise, the rally was led by the Nifty PSU Bank index, up 5%, followed by Nifty Realty at 4% and Nifty Bank at 3%.
Among individual stocks, Adani Ports, Shriram Finance, and Power Grid were the top performers in early trade, each rising between 6% and 9%.
Shares of Adani Ports surged nearly 9% following the announcement that its wholly-owned subsidiary, Adani International Ports Holdings Pte Ltd (AIPH), signed a 30-year concession agreement with the Tanzania Ports Authority to operate and manage Container Terminal 2 at Dar es Salaam Port in Tanzania.
Post-election, analysts predict that market attention will shift to the new government's first 100 days and the upcoming union budget.
The rally is expected to be led by large-cap stocks. Companies such as RIL, ICICI Bank, HDFC Bank, Kotak Bank, Axis Bank, Bajaj Finance, Bharti Airtel, L&T, M&M, Tata Motors, Bajaj Auto, and Eicher Motors are fundamentally strong large-caps with significant potential. IT stocks like TCS, Infosys, HCL Tech, Coforge, Persistent Systems, and L&T Technology Services also present contrarian buying opportunities.
Additionally, better-than-expected GDP numbers, showing 8.2% growth, will provide fundamental support to the market. S&P's upward revision of India's rating outlook further adds to the positive sentiment. Yes, it's a good time to invest for long term due to strong market momentum, political stability, and positive economic indicators. Focus on fundamentally strong large-cap stocks and diversify to mitigate risk. However, be cautious of potential short-term volatility and ensure investments align with your financial goals and risk tolerance. #lawfinadvisor #iepf #UnclaimedDividends #FinancialDiscovery #HiddenWealth #UnlockYourPotential #ClaimWhatIsYours #IEPFClaim #InvestorEducationandProtectionFund #IEPFRefund #UnclaimedDividend #IEPFProcess #ClaimRefund #InvestmentProtection #IEPFAct #ShareholdersRights #ClaimYourMoney #PhysicalSharesRecovery #UnclaimedAssets #FindYourMoney #ReclaimYourAssets #LawFinAdvisor #FinancialServices #ClaimRefund #InvestmentRecovery #DematShares #NRIAssistance #UnclaimedDeposits #FinancialFreedom #WealthManagement #ExpertAdvice
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