Stock market at record high on eve of elections result; Sensex up 2507 points

Mumbai, Jun 3 (UNI) As the Exit polls predicted a clear mandate for BJP-led NDA, the stock market zoomed to an all-time high on Monday on the eve of the elections result Tuesda. The BSE Sensex gained 2507.47 points to close at a new peak breaching 76K level to 76468.78.

Election result and higher-than-expected GDP growth for FY24 also led to the rally which saw investors getting richer by about Rs 14 lakh crore in a day. Not only the heavyweights were in demand but all banking stocks, PSUs, and midcap shares were trading higher throughout the day.

The National Stock Exchange (NSE) Nifty surged 733.20 points to close at 23,263.90 before touching the day’s all-time high of 23338.70 and day’s low of 23062.30 points.

Even as the opposition parties have alleged that the Exit poll is “biased”, the market has responded positively to the exit poll. In the last trading session, Foreign Institutional Investors (FIIs) had bought equities worth Rs 1,613 crore and the Domestic Institutional Investors had bought to the tune of Rs 2,114 crore.

The BSE Sensex opened on a strong note at 76583.29, up 2622 points. During the day it spurted 2777 points at 76738, days high before closing at 76468.78 surging 2507.47 points from its previous close.

The stocks that glittered were Power by 7.60 percent, Oil and Gas by 7.42 percent, Utilities by 7.38 percent, and Energy by 6.28 percent.

In 30-share Sensex, 27 advanced while 3 declined. The mid-cap rose by 3.54 percent and the small Cap by 2.05 percent.

The gainers were SBI by 9.60 percent to Rs 909.80, NTPC by 9.50 percent to Rs 393, Powergrid by 9.07 percent to Rs 338, and L& T by 6.31 percent to Rs 3898.75.

The losers included Sun Pharma by 0.35 percent to Rs 1455, HCL Technology by 0.22 percent to Rs 1319.90, and Asian Paints by 0.13 percent to Rs 2874.

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