On Tuesday (5 December), India's benchmark indexes marked consecutive record highs, propelled by the ruling party's victories in state elections.
The National Stock Exchange (NSE) Nifty 50 climbed 0.52 per cent to 20,794.50 points, and the S&P Bombay Stock Exchange (BSE) Sensex rose 0.50 per cent to 69,204.10 by 9:51 am IST.
The banking sector saw a 0.7 per cent increase, with public sector banks surging by 1.3 per cent. Financials and large-caps were favored by several brokerages in anticipation of a rally leading up to the 2024 general elections.
The Bharatiya Janata Party's success in three crucial states bolstered market confidence.
Foreign portfolio investors shifted from selling to consistent buying in the past seven sessions, noted VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
Frontline banking stocks, including HDFC Bank, ICICI Bank, Axis Bank, and State Bank of India, gained between 1 per cent and 1.75 per cent.
Oil and gas stocks rose 0.9 per cent, aligning with stabilising Brent Crude futures near $78 per barrel.
This stability, driven by demand concerns and supply-cut uncertainties, benefits Indian importers and oil marketing companies.
Bharat Petroleum Corp surged 3 per cent, ranking among the top Nifty 50 gainers.
Domestic-focused small and mid-cap stocks reached fresh record highs, with gains of 0.4 per cent and 0.6 per cent, respectively.
Adani Group stocks, including Adani Enterprises and Adani Ports and Special Economic Zone, experienced a 2 per cent to 6 per cent surge for the second consecutive session.
Bhuvan Krishna is Staff Writer at Swarajya.
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