Election results 2024: 'Abki baar 400 par’ looks likely; Sensex, Nifty hit fresh closing highs

The Indian stock market ended at record highs on Monday as exit polls gave a clear majority to the PM Modi-led NDA in the General Election. Some even predicted the NDA to cross the 400-seats mark, which would allow the Modi government to carry out more political and economic reforms without any major opposition in Parliament.

Sensex zoomed to a record high of 76,738, rising 2778 points intraday and Nifty gained 808 points to an all time high of 23,338.

Later, Sensex closed 2,507 points higher at 76,468 and Nifty ended 733 pts higher at 23,263.  The results of Lok Sabha polls will be announced on Tuesday.

Investor wealth rose by Rs 13.79 lakh crore to Rs 425.91 lakh crore compared with a valuation of Rs 412.12 lakh crore recorded in the previous session on May 31. All Sensex stocks ended in the green. NTPC, SBI, PowerGrid, L&T, Axis Bank and Reliance led the gains on Sensex, rising up to 9.21%. HCL Tech, Sun Pharma, Asian Paints, Nestle India and Infosys were the only Sensex losers falling up to 0.62%

As many as 284 stocks hit their 52-week highs today. On the other hand, just 68 shares hit their 52-week lows on BSE on Monday.

Osho Krishan, Sr. Analyst - Technical & Derivative Research, Angel One said, "The market witnessed a significant shift in activity, showcasing the catapult effect. The uncertainty that dominated the previous week was replaced by a decisive surge from the Bulls, taking cues from the favoring outcome of exit polls. As of now, the actual results have not been announced, and their release is anticipated to provide further clarity on the recent developments. From a technical standpoint, the 23100-23000 level is expected to function as a crucial intermediate support area. Additionally, on the higher end, it's worth noting that 23500 is positioned in close proximity to the bullish territory on D-Street, which suggests a favorable market outlook. The sentiments have certainly turned extremely bullish, while the volatility index cooled off a bit. However, it's crucial to maintain a sense of caution as the outcome of the election on D-day holds immense significance for the market. We would advocate traders to avoid aggressive bets and keep booking profits as we may witness some wild swings on the verdict day."

Market breadth was in green on the first trading day of this week.

Out of 4115 stocks, 2346 stocks ended in the green. Around 1615 stocks were trading in the red while 154 stocks remained unchanged. All 19 sectoral indices ended in the green on BSE today. Capital goods, banking and auto shares led the gains on Dalal Street today. BSE capital goods, bankex, auto and oil and gas indices rose 3666.70 points, 2519 pts, 1384 pts and 2125 pts respectively.

Around 12 stocks hit their higher circuits. On the other hand, 7 shares hit their lower circuit limits.

BSE midcap index rose 1515 pts to 44,367, signaling bullishness in the broader market. On the BSE, small cap stocks index gained 968 pts to 48,232 level.

Bank Nifty too scaled a record high of 51,133. Later, the index closed at a record high of 50,979.95, rising 1996 points against the previous close of 48,984.. 

Commenting on Bank Nifty, Rupak De, Senior Technical Analyst, LKP Securities said, "Today, Bank Nifty broke through all resistance levels, indicating a strong bullish sentiment driven by the exit poll results. However, it's advisable to observe the market for the next 2-3 sessions before making any conclusions about adopting a buy-on-dip strategy."
 

FII-DII activity

Foreign institutional investors bought Rs 1613.24 crore worth of equities on a net basis on Friday, while domestic investors purchased Rs 2114.17 crore of shares, as per provisional NSE data.

Previous session

Benchmark indices ended higher on Friday. Sensex closed 75 points higher at 73,961 and Nifty gained 42 points to end at 22,530. Market cap of BSE-listed firms rose to Rs 412.12 lakh crore.