News Headlines
Sensex, Nifty Close At All-Time High After BJP Victories In Three States, Record Surge Of Over 2 Per Cent
Monitoring the Indian stock market. (INDRANIL MUKHERJEE/AFP/Getty Images)
Following the Bharatiya Janata Party's (BJP) victorious election in Chhattisgarh, Madhya Pradesh, and Rajasthan, the Bombay Stock Exchange's Sensex experienced a significant surge of 1383.93 points on the subsequent Monday (4 December).
The index reached an unprecedented high, settling at 68,865.12 points. Concurrently, the National Stock Exchange's Nifty ascended by 418.90 points, closing at an all-time high of 20,686.80 points.
The surge to record highs was propelled by increased investor confidence, fueled by robust macroeconomic data, relaxed global interest rate expectations, low crude oil prices, and the victory of the BJP.
The NSE Nifty and BSE Sensex experienced an increase of 2.07 percent and 2.05 percent respectively. This marked their most successful session in more than 14 months, Hindustan Times reported.
On Monday, new record highs were achieved by eleven out of the thirteen principal sectors. The financial services sector saw a rise of 3.23 per cent and energy stocks ascended by 2.61per cent, spearheading the sectoral gains. These two indexes constitute approximately 46.5 per cent of the Nifty 50 index's weightage.
Reliance, ICICI, and HDFC emerged as the largest winners, experiencing gains ranging between 1 and 5 percent.
Stocks of the Adani group saw a rise ranging from 1.4 per cent to 10 per cent. Additionally, Eicher Motors reached an all-time high due to strong sales in November.
The BJP emerged victorious in three states- Rajasthan, Madhya Pradesh and Chhattisgarh, while the Congress secured a win in Telangana.
Support Swarajya's 50 Ground Reports Project & Sponsor A Story
Every general election Swarajya does a 50 ground reports project.
Aimed only at serious readers and those who appreciate the nuances of political undercurrents, the project provides a sense of India's electoral landscape. As you know, these reports are produced after considerable investment of travel, time and effort on the ground.
This time too we've kicked off the project in style and have covered over 30 constituencies already. If you're someone who appreciates such work and have enjoyed our coverage please consider sponsoring a ground report for just Rs 2999 to Rs 19,999 - it goes a long way in helping us produce more quality reportage.
You can also back this project by becoming a subscriber for as little as Rs 999 - so do click on this links and choose a plan that suits you and back us.
Click below to contribute.
Latest
