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