Benchmark equity indices Sensex and Nifty surged by more than 1% on Monday, driven by a rally in blue-chip stocks and a stunning performance by the BJP in Maharashtra, where it won a record number of seats to secure a landslide victory for the party-led Mahayuti alliance.
Building on the previous day's sharp rally, the BSE Sensex jumped 992.74 points, or 1.25%, to settle at 80,109.85. During the day, it soared by 1,355.97 points, or 1.71%, to reach 80,473.08. The NSE Nifty gained 314.65 points, or 1.32%, closing at 24,221.90.
Among the top gainers from the 30-share Sensex pack were Larsen & Toubro, State Bank of India, Adani Ports, Reliance Industries, Power Grid, ICICI Bank, HDFC Bank, Tata Consultancy Services, Kotak Mahindra Bank, and Axis Bank. On the flip side, JSW Steel, Tech Mahindra, Infosys, Maruti, Asian Paints, and HCL Tech were among the laggards.
In a major update, online food delivery giant Zomato will join the benchmark BSE Sensex, replacing JSW Steel, from 23 December. This change is part of the latest reconstitution announced by Asia Index Private Ltd, a subsidiary of the BSE.
"The ability of the market to surprise was evident in the 557 points spurt in the Nifty on Friday. This sharp upswing will continue today assisted by the super NDA performance in Maharashtra. The political message from this election is huge and highly positive from the market perspective," VK Vijayakumar, Chief Investment Strategist, Geojit Financial Services, said.
The BJP on Saturday pulled off a stunning performance in Maharashtra, winning a record number of seats to propel the party-led ruling Mahayuti alliance to a landslide victory, while the INDIA bloc stormed back to power in Jharkhand on the back of a spectacular showing by the JMM.
In global markets, Asian indices had mixed results, with Seoul and Tokyo finishing higher, while Shanghai and Hong Kong ended in the red. European markets were trading in the green, and U.S. markets closed positively on Friday.
Global oil benchmark Brent crude dipped 0.40% to USD 74.87 a barrel.
Foreign Institutional Investors (FIIs) sold equities worth Rs 1,278.37 crore on Friday, according to exchange data.
On Friday, the BSE benchmark had gained 1,961.32 points, or 2.54%, to settle at 79,117.11, while the Nifty soared 557.35 points, or 2.39%, to 23,907.25.
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