The Indian share market witnessed a historic surge today as both the Sensex and Nifty hit their record high levels, fueled by the hopes of political stability following the exit poll predictions. The Sensex soared over 2,000 points, while the Nifty recorded its biggest jump in four years during the market opening, adding a whopping Rs 12.48 lakh crore to the market cap of BSE stocks.
All Sensex and Nifty stocks are now in the green, with Adani Ports, Adani Enterprises, Power Grid, Shriram Finance, and NTPC leading the market rally with significant gains. The latest GDP data showing a robust 8.2% fiscal growth further boosted market sentiment.
Varun Aggarwal, founder and managing director of Profit Idea, attributed the buoyant sentiments to India’s impressive Q4FY24 GDP growth and cautioned that the market may remain volatile in anticipation of the election results tomorrow.
The exit polls predicted a return to power for the BJP with the ruling NDA alliance securing 365 seats, well above the 272 seats needed to form government. The market prefers political stability, and a change in government could lead to volatility, according to analysts.
While the BJP welcomed the exit poll predictions, the Opposition dismissed them, with Congress chief Mallikarjun Kharge stating that the INDIA bloc will win at least 295 seats. The counting day will reveal the true outcome, but for now, the Indian share market is riding high on the wave of optimism.
