Stock markets gain over Rs 12 lakh crore in single day in ‘rare’ phenomenon

Mumbai: The Indian stock markets gained over Rs 12 lakh crore, or 3.25 per cent, on Monday as fundamentals, technicals and sentiments turned favourable at the same time, which is a rare phenomenon, experts said.

According to analysts, Exit Polls predicting the NDA government’s return to power with a thumping majority pushed Sensex and Nifty to new highs, as another trading session witnessed buying across the Adani counter, with Adani Ports and Adani Power as the biggest gainers.

“The next big events to watch in the coming week are the RBI policy, 100-day measures list and final budget as the key points,” said Vikram Kasat, Head-Advisory, Prabhudas Lilladher.

The Bank Nifty index hit a new all-time high of 51,133, closing at 50,979. Bank Nifty gains were led by the Bank of Baroda, closing up 12.10 per cent, followed by the State Bank of India (SBI) at 9.07 per cent.

The SBI became the seventh Indian-listed company to surpass Rs 8 lakh crore in market capitalisation.

Sectoral indices ended in green with Nifty PSU Bank closing at 8.40 per cent, and Nifty Energy at 6.77 per cent. The volatility Index (VIX) nose-dived to 15 per cent.

The GDP numbers which came on Friday were better than expected with 8.2 per cent growth, which will “provide fundamental support to the market.”

–IANS