Nifty 50, Sensex hits highest, 4 factors behind the market surge

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Nifty 50, Sensex

The Nifty 50 and the Sensex surged to record highs in early trade on Monday, June 03, 2024.

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Nifty 50, Sensex rise

After a majority of exit polls predicted on Saturday, June 1, the Bharatiya Janata Party-led NDA would win more than 350 of the 543 Lok Sabha seats in 2024.

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Sensex rise

The Sensex began 2,622 points higher at 76,583.29 compared to its previous closing of 73,961.31, then climbed 2778, or 3.8%, to a new record high of 76,738.89.

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Nifty 50 rise

The Nifty 50 began 807 points higher at 23,337.90, up from its previous finish of 22,530.70. In early trading, it gained 808 points, or 3.6%, to set a new record high of 23,338.70.

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Exit poll results

With the Lok Sabha elections over, analysts expect the market to remain in positive territory in the next few days, barring any unforeseen bad news.

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Macro boost

India's gross domestic product for the January-March quarter of fiscal 2023-24 was 7.8 percent, while the Indian economy increased by 8.2 percent in FY24, above expectations.

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Purchasing across the board

The market saw widespread buying in banking, finance, metal, real estate, and oil and gas industries. The Nifty Bank index rose more than 4% to a new record high of 50,990.

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Positive global cues

Positive global cues boosted domestic market enthusiasm and the US Federal Reserve may also explore interest rate reduction in the second half of the year.  

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