Fireworks begin at stock market on Modi’s probable landslide victory

Sensex zoomed 2,622 points to hit new lifetime high of 76,739 levels, while Nifty50 climbed 807 points to 23,339

Mumbai: Fuelled by the exit polls’ forecat that the Modi Goverment would retain power with a landslide victory in the 18th Lok Sabha elections whose results to be out on June 4 (Tuesday), the Indian stock market is skyrocketing on Monday.

In the opeing deals, the BSE Sensex zoomed 2,622 points, or 3.5 per cent, to hit new lifetime high of 76,739 levels, while the NSE Nifty50 climbed 807 points to 23,339 levels.

The indices were off highs later and quoted at 75,936 (up 2,000 points) and 23,138 (up 610 points), respectively.

All the stocks were in the green on the Sensex led by Power Grid, L&T, NTPC, SBI, Axis Bank, M&M, ICICI Bank, and Ultratech Cement. These stocks were up in the range of 3 per cent to 7 per cent.

Institutional buyers both at home and abroad are vying with one another to grab shares of public sector banks which pushed up their prices by 6.22 per cent from their last closing prices on the BSE. At NSE, the Nifty Bank hits the 50,000 mark for the first time. Adani Power, Adani Total Gas, Adani Green Energy rally up 16 per cent. Nifty Realty surges 4.17 per cent and L&T is up 6 per cent   

In the broader markets, Nifty SmallCap rose 2.73 per cent while MidCap jumped 2.5 per cent.

Sectorally, the broad-based rally was led by Nifty PSU Bank index (up 5 per cent), Nifty Realty (4 per cent), and Nifty Bank (3 per cent).