JNS: The Indian stock market experienced a significant surge, with the BSE Sensex soaring nearly 2,000 points on Monday morning. This boost comes in the wake of exit polls predicting a landslide victory for the Modi government in the Lok Sabha elections.
The Sensex hit a record high of 76,738.89, marking an increase of 2,778 points. Likewise, the Nifty 50 set a new record with an 808-point increase, reaching 23,338.70.
Stocks such as Ultratech Cement, NTPC, SBI, Axis Bank, and ICICI Bank opened the day on a positive note, with prices rising between 3% and 7%. Adani Ports and Shriram Finance also emerged as notable gainers in the initial minutes of trading.
The exit poll results from Saturday’s seventh and final phase of voting indicate that Prime Minister Narendra Modi is set to secure a record-equalling third term in office. The BJP-led National Democratic Alliance (NDA) is projected to win a substantial majority, defeating the combined opposition’s INDIA Bloc.
The NDA, led by the Bharatiya Janata Party (BJP), is expected to secure 350 or more seats, while the INDIA group, representing the united opposition, is projected to receive between 125 and 150 seats.
Despite campaigning for over 400 seats in the 543-member Parliament, the exit polls suggest a strong majority in favor of Modi’s third term in office.
