Most indices including Auto, IT, PSU Bank, Fin Service, FMCG, and Energy closed in the green
On Thursday, the equity benchmarks surged to a fresh all-time high, signalling investor confidence in the economic growth, development, and investment prospects of India amid political stability.
Most indices including Auto, IT, PSU Bank, Fin Service, FMCG, and Energy closed in the green. Only the Pharma index closed in the red.
Sensex closed up 1,196 points or 1.61 percent at 75,418 while Nifty went up 369 points or 1.64 percent at 22,967 points.
BSE and NSE benchmarks reached 75,499 points and 22,993 points, respectively, during intra-day trading.
Shares of Adani Group saw a sharp rise with Adani Enterprises becoming the top gainer. Adani Enterprises was the top gainer in Nifty with a 7.84 percent rise. Adani Ports was also among the top three gainers with a 4.73 percent rise.
Sun Pharma was the top loser in the Nifty with a fall of 2.87 percent. After this, Power Grid and Hindalco were among the top three losers.
A recent report by research firm Bernstein said Nifty could touch the figure of 23,000 around June 4 when the Lok Sabha election results are announced.
According to market experts, the sharp rally in the stock market ahead of poll results reflects an optimistic outlook for the world’s fifth-largest economy despite global economic and geopolitical uncertainties.
“India is the shining beacon of stability, growth, and resilience in the current global economic order. I am confident that we can soon cross the $5 trillion economy by 2025 as envisioned by Prime Minister Narendra Modi,” said Dr Vijay Kalantri, President — All India Association of Industries (AIAI) and Chairman, MVIRDC World Trade Centre.
“The record growth in investor wealth and stock market valuation is supported by strong economic fundamentals and progressive government policies,” he added.
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