Sensex hits 76,500 for the first time, Nifty breaches 23,300 ahead of Lok Sabha election results

The Indian stock market indices, the Sensex and the Nifty 50, began at new highs on Monday, as investors applauded the Lok Sabha exit poll results, which suggested Prime Minister Narendra Modi’s third term.

The Sensex began 2,621.98 points (3.55%) higher at 76,583.29, while the Nifty 50 opened at 23,337.90, up 807.20 points (3.58%). The Bank Nifty index surpassed the 50,000 level for the first time.

A strong increase was observed everywhere, with the Nifty Midcap 100 and Nifty Smallcap 100 indexes rising by around 3% each.

With the exception of the Nifty PSU Bank, Nifty Oil & Gas, Nifty Auto and Nifty Metals, all sectoral indices saw huge rises of 1-4% during trading.

More than 400 seats have been predicted for the NDA by three major exit polls, India Today-My Axis India, India TV-CNX and News24-Todays Chanakya. Less than 200 seats are expected to be won by the opposition INDIA alliance, according to pollsters.

In May, the Nifty 50 and Sensex ended their three-month winning streak, closing in negative territory due to increased volatility caused by election-related uncertainty. The volatility index India VIX increased by 91% in May.

 

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