Indian Stock Market Rallies Following BJP’s Victory in State Elections

Indian Stock Market Rallies Following BJP's Victory in State Elections

VoM News Desk | December 4, 2023 | 08:49 PM IST | Breaking News | Follow on Google News

Indian Stock Market Rallies Following BJP’s Victory in State Elections

Indian Stock Market Rallies Following BJP’s Victory in State Elections

The Indian stock market experienced significant gains on Monday, with indices climbing more than 2%, buoyed by the Bharatiya Janata Party’s (BJP) victory in the assembly elections in three states.

• Foreign Institutional Investors (FIIs) recorded a net inflow of ₹2,073.21 crore, selling stocks worth ₹16,632.02 crore and buying stocks worth ₹18,705.23 crore.
• On the previous Friday, FIIs had bought shares worth ₹1,589.61 crore.
• Domestic Institutional Investors (DIIs) had a net inflow of ₹4,797.15 crore, buying stocks worth ₹16,342.00 crore and selling shares worth ₹11,544.85 crore.

Market Sentiment and Key Indices Performance

• Investors expect that the BJP’s win in Madhya Pradesh, Rajasthan, and Chhattisgarh will enhance market sentiment and alleviate concerns over fiscal populism ahead of the 2024 Lok Sabha elections.
• The BSE Sensex soared 1,383.93 points (2.05%) to close at a record high of 68,865.12, hitting an intra-day record of 68,918.22.
• The NSE Nifty also saw a substantial increase of 418.90 points (2.07%), reaching an all-time closing high of 20,686.80.
• The BSE midcap and smallcap indices rose by 1.19% and 1.20%, respectively.

Sectoral Gains and Leading Stocks

• Sectorally, oil and gas led the gains with a 3.77% increase, followed by Bankex (3.56%), power (2.99%), financial services (2.98%), and utilities (2.94%).
• Top gainers among the BSE blue chips included ICICI Bank and SBI, with gains of 4.68% and 3.99%, respectively. Other major gainers were Larsen & Toubro, Kotak Mahindra Bank, and HDFC Bank.

Rupee’s Movement Against the US Dollar

• The Indian rupee weakened against the US dollar, closing at 83.3650, a 0.09% drop from the previous session’s close of 83.2875.
• The rupee opened at 83.28 and touched a low of 83.37 against the dollar during the session.

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VoM News Desk

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