Indian stock markets opened on a strong note on Monday following the BJP-led alliance’s decisive victory in the Maharashtra state elections. The Nifty 50 index surged by 1.45%, gaining 346.30 points to reach 24,253.55, while the BSE Sensex rose 1,076 points or 1.36% to 80,193.47 during the morning session.
Ajay Bagga, a banking and market expert, noted that the BJP’s landslide win is likely to provide a short-term boost to markets, which had been underperforming in recent weeks. He highlighted that the election mandate could further the ongoing capex and infrastructure initiatives in Maharashtra, benefiting sectors such as industrials, infrastructure, real estate, and financial services.
Sectoral indices mirrored this optimism. Nifty Realty and Nifty PSU Bank posted gains exceeding 2%, while other indices like Nifty Metal, Nifty Media, and Nifty Oil & Gas rose by over 1.5%. Among Nifty 50 stocks, 49 advanced during the early session, with Shri Finance emerging as the top gainer.
Adani Group stocks also witnessed an upswing, with Adani Green climbing nearly 4%. Analysts suggest that Nifty might soon break its 20-day moving average at 24,030, marking a potential reversal since its September peak.
Asian markets also experienced gains. Japan’s Nikkei 225 and South Korea’s Kospi indices surged by 1.5%, while Taiwan’s Weighted Index rose 0.48%. However, Hong Kong’s Hang Seng saw a slight dip of 0.14%.
(ANI)