Sensex Rallies 1,250 Points, Nifty Trades At 16,700 On Election Result Day

All the 30 constituents on the BSE platform are trading in the green. The front runners on the Sensex, including Axis Bank, Asian Paints, SBI, HUL, Maruti, Ultractech Cement, up to 5 per cent higher

The broader markets also extended profits. The BSE Midcap and Smallcap indices rose up to 2 per cent. Image: File photo

New Delhi: The key benchmark indices, Sensex and Nifty, on Thursday extended their gains riding on rebounds across the globe amid positive cues.

On the big day of Assembly election results in the country, the two domestic indices skyrocketed and jumped nearly 3 per cent in the opening trade.

At 10 am, the 30-share BSE Sensex moved 1,250 points up to 55,897, while the NSE Nifty clocked 16,700, up 355 points.

All the 30 constituents on the BSE platform are trading in the green. The front runners on the Sensex, including Axis Bank, Asian Paints, SBI, HUL, Maruti, Ultractech Cement, up to 5 per cent higher. Tata Motors was the additional top gainer on Nifty.

Asian Paints logged the largest gains on the bourses as crude prices corrected sharply on Wednesday to $110 a barrel from the highs of $130.

On the flip side, metals stocks were subdued as commodity prices including those of metals such as aluminium, nickel also have come-off from their recent high levels. Tata Steel was the sole Sensex loser, down 0.4 per cent, while ONGC, Hindalco and Coal India were the top Nifty losers, up to 4 per cent down.

The broader markets also extended profits. The BSE Midcap and Smallcap indices rose up to 2 per cent.

All the 15 sector gauges, compiled by NSE, were trading in the positive zone.

From sectors such as Nifty Bank, Auto, FMCG, Financials, and Realty were the leading gainers, trading 2-3 per cent up. Nifty Metal solely held losses of 0.8 per cent.

Foreign institutional investors continued their selling spree in Indian markets as they offloaded shares worth Rs 4,818.71 crore on a net basis on Wednesday, according to exchange data.

“The outcome of the Uttar Pradesh elections will be widely watched by markets because it will set the tone for how the ruling BJP approaches and prepares for the general elections in 2024," said Mohit Nigam, Head - PMS, Hem Securities, according to the PTI report.

V K Vijayakumar, chief investment strategist, Geojit Financial Services, said, “The extreme volatility in markets is reflected by the $30 drop in crude and 3 per cent spike in Nasdaq. Such massive ups and downs are the consequences of high level of uncertainty and sharply fluctuating market expectations. The relentless selling by the FPIs is not having much of an impact on the markets now as revealed by the 331 point rise in Nifty when FIIs sold equity worth Rs 4800 crores. High quality financials present good buying opportunities now. The down risk is limited.”

In the previous session on Wednesday, Sensex surged 1,223 points to end at 54,647, while the NSE Nifty moved 332 points up to close at 16,345.

Meanwhile, international oil benchmark Brent crude jumped 1.66 per cent to $113 a barrel.