Stock market today: Nifty and Sensex surge 3%, led by optimism and PSU rally

BSE Sensex was up by 3.39 per cent or 2,507.47 points to 76,468.78, while the NSE Nifty was at 23,244.95 up by 3.17 per cent or 714.25 points at 3.30 pm.

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India’s equity benchmarks gained over 3 per cent to close at lifetime high levels on Monday as the exit polls predicted a clear victory for the NDA in the recently concluded Lok Sabha elections. While the BSE Sensex gained 2,507.47 points, or 3.39 per cent, to 76,468.78, the broader Nifty50 gained 733.20 points, or 3.25 per cent, to 23,263.90.

Vinod Nair, Head of Research, Geojit Financial Services, said, “Exit poll has activated the optimism of a memorable win for the ongoing government, PSUs had a humongous rally, in anticipation of continuation of the reform gains, triggering further re-rate. The sustenance of the broad rally is anticipated to continue in-line with the magnitude of the actual tally, as inflows pours in, which were sitting on the sidelines in the last three months. Strong economic data, like GDP growth of 8.2 per cent in FY24, 100 days measures list, and final budget, will be the key points, market will observe in the coming weeks.”

Within the Nifty 50 pack, Adani Ports (10.62 per cent), Power Grid (9.03 per cent), NTPC (9.33 per cent), SBI (9.48 per cent), ONGC (7.43 per cent) were the top gainers, while LTIMindtree (-1.12 per cent), Eicher Motors (-1.34 per cent), HCL Tech (-0.57 per cent), Asian Paints (-0.22 per cent), Sun Pharma (-0.32 per cent) were the major losers.