Indian Stock Market Reaches All-Time Highs as BJP-Led NDA Is Expected to Win Large in 2024 Lok Sabha Elections
Benchmarks for the Indian stock market, the Sensex and the Nifty 50, soared to all-time highs in early trade on Monday, June 3, in response to exit polls that indicated the BJP-led NDA would win handily in the Lok Sabha elections of 2024.
Election-related worries were overcome by the stock market when exit polls predicted a sizable majority for the BJP-led NDA.
From its previous finish of 73,961.31, the Sensex began 2,622 points higher at 76,583.29. It then climbed 2,778 points, or 3.8 percent, to a new record high of 76,738.89. Ultimately, it closed at 76,468.78, up 2,507 points, or 3.39 percent, with 25 out of 30 stocks in the green.
The Nifty 50 began trading at 23,337.90, 807 points higher than its previous finish of 22,530.70. In early trading, it increased by 808 points, or 3.6 percent, to reach a new high of 23,338.70. The Nifty 50 gained 733 points, or 3.25 percent, to settle at 23,263.90.
Nifty finished Monday’s trading session 733 points higher, according to analysts, and if Tuesday’s election results turn out to be better than anticipated, it might surpass the 24,000 level.
Bulls in the market are in charge right now, and they are taking advantage of every little decline to open long positions. The Nifty currently finds support at the 23,200 and 22,950–23,000 marks. Tejas Shah of JM Financial & BlinkX says that the immediate resistance is at 23,350, while the next level is at 23,500.
A unprecedented third term for the Prime Minister Narendra Modi-led NDA government at the Center was projected by the majority of exit polls on June 1. The BJP-led NDA is predicted to win more than 350 seats in at least eleven exit polls.
Notably, the NDA has been projected to win over 400 seats, while the Opposition INDIA alliance has been anticipated to win less than 200 seats by three prominent exit polls: India Today-My Axis India, India TV-CNX, and News24-Todays Chanakya.
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