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Nifty and Sensex hit new highs as BJP election wins boost Indian markets

EditorPollock Mondal
Published 04/12/2023, 07:00 pm
Updated 04/12/2023, 07:00 pm
© Reuters.

India's stock market witnessed a significant rally today, with the BSE Sensex climbing by 902 points to close at a record high of 68,383, and the Nifty50 index advancing by 286 points to end at 20,554. The surge was primarily fueled by investor enthusiasm following the Bharatiya Janata Party's (BJP) major victories in several key state elections.

Financial giants State Bank of India (SBI) and ICICI Bank were among the major contributors to the rally, alongside infrastructure heavyweight Larsen & Toubro (L&T). Bharti Airtel also registered substantial gains, rising over 2%. Furthermore, Adani Group stocks experienced remarkable increases across its portfolio, with Adani Energy Solutions notably standing out.

Earlier in the day, during the mid-morning trade session at the National Stock Exchange (NSE), companies such as Bhartiya Intnl and Emami Realty reached new annual highs. The Nifty index surged to 20,569.65 while the Sensex concurrently reached 68,445.05. Stocks like Bharat Petroleum Corporation Limited (BPCL), Adani Enterprises, and L&T led the gains.

The market capitalization on the Bombay Stock Exchange (BSE) increased by ₹4.09 lakh crore as a result of these movements.

This bullish trend in Indian equities was set against a backdrop of mixed performances in Asian markets. While MSCI's Asia-Pacific index was up marginally, Japan's Nikkei fell amid an appreciation of the yen.

Macroeconomic factors also played a role in today's market dynamics. Speculation around potential rate cuts by the Federal Reserve led U.S bond yields to decline. This speculation came after comments from Federal Reserve Chair Jerome Powell hinted at such a possibility. Meanwhile, tensions in the Middle East contributed to a softening of crude oil prices, with Brent crude priced at $78.36 per barrel and West Texas Intermediate (WTI) at $73.62 per barrel.

The Indian rupee showed marginal strength against the US dollar, trading at ₹83.27, while the dollar index edged up slightly by 0.03%.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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