Indian Stock Market Ends with Mild Gains Ahead of General Election 2024 Results
The Indian stock market benchmarks, Sensex and Nifty 50, closed with mild gains on Friday, May 31, breaking a five-day losing streak. Investors are now eagerly awaiting the last phase of the General Election 2024 on Saturday, June 1, followed by the exit poll results.
With the counting of votes set to begin on June 4, the results could be announced later that day. While most experts predict a re-election for the BJP-led NDA, the number of seats they may win remains uncertain.
Market sentiment has been under pressure recently due to nervousness surrounding the election. Factors such as capital outflows by foreign institutional investors, mixed global cues, diminishing hopes of rate cuts, and geopolitical tensions have all contributed to the uncertainty.
Despite these challenges, the domestic market saw some buying interest on Friday, with both the Sensex and Nifty 50 ending in the green. The BSE Midcap index closed with a slight gain of 0.06%, while the Smallcap index rose by 0.76%.
The overall market capitalization of BSE-listed firms increased to nearly ₹412.2 lakh crore, making investors richer by about ₹1.8 lakh crore in a single session.
In the Nifty 50 index, top gainers included Adani Enterprises, Adani Ports, and Shriram Finance, while top losers were Divi’s Labs, Nestle, and LTIMindtree. Sectoral indices such as Nifty Realty, Metal, and PSU Bank closed with healthy gains, while Nifty Media and IT sectors saw significant losses.
As the market awaits the election results, investors are advised to stay informed and cautious in their trading decisions. Stay tuned for more updates on the evolving market scenario.
