Share Market Today: Sensex, Nifty Hit All-Time Highs Ahead Of Lok Sabha Results. PSU Banks Jump 8%

Share Market Today: On the 30-share Sensex platform, NTPC became the highest gainer, advancing 9.21 per cent, followed by SBI, PowerGrid, L&T, Axis Bank, Reliance

Share Market Today: In the broader markets, the BSE Midcap and Smallcap indices advanced 3.54 per cent and 2.05 per cent, respectively.

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Share market today: The two key equity benchmarks, Sensex and Nifty, hit record all-time high just one-day ahead of Lok Sabha elections counting since 2009. The counting of votes will take place on Tuesday (June 4). The 30-stock Sensex zoomed 2,507 points (3.4 per cent) to close at 76,469. On the other hand, the NSE Nifty50 surged 733 points (3.25 per cent) to settle at 23,264. The last time the benchmarks posted their biggest single-day rally ahead of election results was in 2009, when Sensex and Nifty rose 2.46 per cent.

Stock update

On the 30-share Sensex platform, NTPC became the highest gainer, advancing 9.21 per cent, followed by SBI, PowerGrid, L&T, Axis Bank, Reliance. On the down side, HCLTech, Sun Pharma, Asian Paints, Nestle, and Infosys emerged losers.

In the broader markets, the BSE Midcap and Smallcap indices advanced 3.54 per cent and 2.05 per cent, respectively.

Sectoral update

Sectorwise, Nifty PSU Bank index jumped over 8 per cent, while Nifty PSE index jumped 7.8 per cent and Nifty Realty gained 6 per cent. For the very first time, Nifty Bank crossed a significant milestone as it jumped the 51,000-mark and hit an intraday high of 51,133.

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.

"The markets opened at new highs today largely because of Exit polls predicting landslide victory for the BJP-led NDA. This will result in a positive surprise of policy continuity with higher seats for the NDA government," SAMCO Mutual Fund Fund Manager & Head of Equity Research Paras Matalia said.

Global update

In Asian markets, Seoul, Tokyo and Hong Kong settled with gains, while Shanghai ended lower. European markets were trading in positive territory. 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 climbed 0.18 per cent to $81.26 a barrel.

Rupee jumps 28 paise

The rupee jumped to over two-month high closing level and settled with a gain of 28 paise at 83.14 (provisional) against the US dollar on Monday, tracking over 3 per cent surge in domestic equity benchmarks after exit poll results. Forex analysts attributed the steep rise in the local unit to a number of positive factors such as strong domestic macroeconomic data, inflow of foreign funds and a weak US currency against major Asian rivals.

At the interbank foreign exchange market, the local unit opened at 83.09 and moved between the peak of 82.95 and the lowest level of 83.17 against the greenback during intra-day deals.

The unit finally settled at 83.14 (provisional) against the dollar, registering a gain of 28 paise from its previous close. On Friday, the rupee declined 13 paise to close at 83.42 against the US dollar.