Mumbai (Maharashtra) [India], June 3 (ANI): The stock market opened with an unprecedented uptick on Monday, reaching an all-time high after exit polls forecast a decisive victory for the BJP-led NDA coalition, sparking widespread investor optimism.
The Sensex surged by 1859.88 points, opening at a record 75,821.19. Similarly, the Nifty jumped 603.85 points, starting the day at 23,134.55.
Notably, all 50 companies in the Nifty index saw advances, with no declines, marking a rare and robust market performance.
Among the top performers were Adani Ports, Adani Enterprises, Power Grid, Shriram Finance, and NTPC, which led the rally with significant gains.
The buoyant market sentiment was further bolstered by India’s impressive Q4FY24 GDP growth of 7.8 per cent, surpassing expectations, and bringing the fiscal year’s growth to a robust 8.2 per cent.
“Buoyant sentiments are driven by India’s impressive Q4FY24 GDP growth of 7.8 per cent, surpassing expectations, with the fiscal year’s growth standing at 8.2 per cent,” said Varun Aggarwal, founder and managing director of Profit Idea. However, he cautioned that market volatility is anticipated as the final election results draw near.
The optimism wasn’t confined to Indian markets. Asian markets mirrored this positive trend, fueled by China’s outperformance in manufacturing data.
Korea’s Kospi surged 1.49 per cent, Japan’s Nikkei rose 1.13 per cent, and Australia’s ASX200 gained 0.82 per cent. In the US, the Dow Jones and S&P 500 closed 1.51 per cent and 0.80 per cent higher, respectively, though the Nasdaq saw a slight decline.
A softer reading of the Federal Reserve’s preferred inflation measure has increased expectations of imminent rate cuts, further bolstering Asian equities.
Nonetheless, geopolitical tensions and the dynamics of the US election remain potential sources of volatility that could impact global markets.
Oil prices are also on the rise, reflecting robust investor confidence, as evidenced by the overwhelming demand for Saudi Aramco’s $12 billion share sale.
In Mexico, Claudia Sheinbaum’s projected win for the ruling party Morena suggests continuity in governance, which has been positively received by markets.
Looking ahead, market participants are keenly awaiting key economic indicators, including inflation prints across emerging markets and growth data from various regions.
The European Central Bank’s policy meeting and the release of the US jobs report will be crucial for providing further market insights.
This convergence of positive domestic and international economic data, coupled with favourable political forecasts, has set the stage for a dynamic and potentially volatile trading period as the final election results approach. (ANI)
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