2023-12-04 19:44:00
The stock market in India showed a positive trend following the landslide victory of the ruling BJP in the three state assembly polls. On Monday, the market ended positive for the fifth day, with the BSE Sensex hitting a new all-time high of 69,000. The market capitalization value of Rs 5.80 lakh crore soared in a single day due to the rise of the bulls.
The ruling BJP securing a clear majority in the state elections of Madhya Pradesh, Rajasthan and Chhattisgarh reinforced the positive momentum created last week following strong macroeconomic numbers and foreign fund inflows. Private, public sector banks, financial institutions, metal, oil and gas stocks were particularly well supported. However, media and pharma stocks were marginally lower, according to brokerage firms.
Market capitalization value fluctuated by Rs 5.80 lakh crore to close at Rs 343.48 lakh crore. Foreign institutional investors contributed Rs 1,586.61 crore and domestic institutions contributed Rs 1,448.08 crores by buying shares.
The Sensex surged by 2.05 percent and ended at 68,865.12, while the Nifty, comprising 50 top-tier stocks, registered a new all-time high and ended up 2.07 percent to close at 20,686.80.
Bullish stocks included ICICI Bank, SBI, L&T, Kotak Bank, Inds Ind Bank, and HDFC Bank. Declining stocks included Wipro, Tata Motors, and Titan.
The positive trend in the stock market is a direct result of the BJP’s victory in the state elections, strong macroeconomic numbers, and continued foreign fund inflows. The overall outlook remains positive as experts expect the Nifty to cross the 21,000 mark.
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