Share Market News: Sensex Surges 1800 Points; Nifty Near 23,100 As Exit Polls Show Victory For Modi Govt

Share market today: On the 30-share Sensex platform, all the constituents were in trading the green. PowerGrid jumped 8.5 per cent, followed by NTPC, L&T, M&M, SBI, Ultracemco

Share Market News: In the broader markets, Nifty Smallcap advanced 2.73 per cent, while Midcap gained 2.5 per cent.

Share market today: The two key equity benchmarks, Sensex and Nifty, on Monday hit all-time high in opening deals after the exit polls show a clear mandate for Prime Minister Narendra Modi-led NDA government in 2024 Lok Sabha elections. At 9.45 am, the BSE Sensex skyrocketed 1868 points to 75,829. On the other hand, the NSE Nifty50 was trading at 23,084, up 553 points. The counting of votes will take place on June 4 (Tuesday).

Stock update

On the 30-share Sensex platform, all the constituents were in trading the green. PowerGrid jumped 8.5 per cent, followed by NTPC, L&T, M&M, SBI, Ultracemco. These stocks were up in the range of 3 per cent to 7 per cent.

In the broader markets, Nifty Smallcap advanced 2.73 per cent, while Midcap gained 2.5 per cent.

Sectoral update

All sectors are trading in the green. The broad-based rally was led by Nifty PSU Bank index up 5 per cent, Nifty Realty rising 4 per cent, and Nifty Bank gaining 3 per cent.

In the previous session on Friday, the S&P BSE Sensex gained 76 points to 73,961 after paring initial gains amid volatility, while the NSE Nifty50 settled at 22,531, up 42 points.

Global update

In Asian markets, Seoul, Tokyo, and Hong Kong were quoting with gains, while Shanghai traded lower. US markets ended mostly higher on Friday.

Foreign Institutional Investors (FIIs) bought equities worth Rs 1,613.24 crore on Friday, according to exchange data.

Global oil benchmark Brent crude dipped 0.04 per cent to $81.08 a barrel.

Rupee jumps 38 paise

Meanwhile, the rupee surged 38 paise to hit its three-month high level of 83.04 against the US dollar in early trade on Monday boosted by a robust sentiment in domestic equity markets on the back of strong macroeconomic data and exit poll results showing a third term for the Prime Minister Narendra Modi-led government.

A weak American currency and inflow of foreign capital into domestic equities also supported the local unit, forex traders said.

At the interbank foreign exchange market, the local unit opened at 83.09 and gained further to trade at 83.04 against the greenback in initial deals, registering an increase of 38 paise from its previous close. The rupee had breached the 83.00 level on March 18 this year.

The local unit clocked the highest single-day rise since April 2023 when it appreciated by 42 paise. On Friday, the rupee declined 13 paise to close at 83.42 against the US dollar.