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.
Nishtha Anushree is Senior Sub-editor at Swarajya. She tweets at @nishthaanushree.
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