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Home CURRENT AFFAIRS BUSINESS Stock Market Update: Nifty, Sensex at all time high after BJP’s resounding...

Stock Market Update: Nifty, Sensex at all time high after BJP’s resounding victory in 3 states

The Nifty gained 276.40 points to 20,544.30, while the Sensex jumped by 882.38 points to 68,363.57. There were about 2,194 advances in shares, 259 reductions, and 119 no changes.

Stock Market Update

Stock Market Update: India’s benchmark indices opened at all-time highs. At 68,363.57, the Sensex surged by 882.38 points, and the Nifty gained 276.40 points to 20,544.30. Approximately 2,194 shares saw advances, 259 saw decreases, and 119 saw no change. Top gainers on the Nifty included Adani Enterprises, Adani Ports, SBI, Bharti Airtel, and ICICI Bank. The Nifty was up 310.60 points at 20,578.50 in pre-open trade, driven mostly by confidence after the Narendra Modi-led Bharatiya Janata Party (BJP) won three out of four state elections, including Madhya Pradesh, Rajasthan, and Chhattisgarh. The Sensex had jumped 1,001.60 points to 68,482.79.

Stock Market Update: NIFTY-50 climbed and closed above the previous all-time high

With a robust up advance across sectors in the index essential, the NIFTY-50 climbed and closed above the previous all-time high; 20,600 levels could be possible goals. Over the previous three days, it has left several gaps, and the trend reversal levels have increased to 19,800 levels with a strong upward rise. The RSI has shifted to the upper 75-level zone and is expected to keep rising and trending above the average lines. For the weekly expiry, the highest put OI stands at 20,000, while the highest call OI has moved to the 20,400 strike.

After the hatric win of BJP healthcare and rural areas are regaining prominence

Sector-wise, we observe that equities with a focus on healthcare and rural areas are regaining prominence as a result of the BJP’s more focused and clinical scheme implementation. The victory should boost the performance of oil marketing companies (OMC) equities by lowering expectations of a fuel price reduction at the retail level. Even as the private sector takes a wait-and-watch stance, momentum for new ordering activity is decreasing as attention shifts to election preparation and related spending. For capital goods and infrastructure companies, we see a deterioration of the order inflow pace until at least Q2FY25.

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