Stock Market Opens At Record High After Exit Polls Predict Third Term For Modi Government, Sensex Crosses 76,500

Exit poll predictions for the Lok Sabha elections boosted the stock market with domestic equity indices opening at record highs on Monday (3 June).

The Narendra Modi government is set to return for a third term as per exit polls. The gross domestic product (GDP) numbers showing growth of 8.2 per cent might have also given a thrust to the markets.

The BSE Sensex crossed the 76,500-mark for the first time by opening at 76,583.29 on Monday morning, up by 2,621.98 points from Friday.

The Nifty also opened at a record high of 23.337.9, which was 807.2 points above the closing point. Both indices witnessed over 3.5 per cent jump.

Seshadri Sen, Head of Research and Strategist, Emkay Global Financial Services is near-certain of a third term for the Modi government with a simple majority for the BJP on its own.

“Fundamentals, technicals and sentiments turning favourable at the same time are rare in the market. This is what has happened now," V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services was quoted as saying by The Indian Express.