Markets shatter all records, mad rush begins for stock programmers after PM Modi’s ‘June 4’ call

Mumbai: Shattering previous records, the Indian stock markets on Monday positively responded to Prime Minister Narendra Modi’s prediction that “stock market programmers will get tired dealing with the rush” post-election results, albeit a day early. In an interaction with NDTV last month, PM Modi said the Indian indices are set to witness record highs after the poll results (to be announced on Tuesday). “Within a week after election results, the Indian stock market will touch record highs and stock market programmers will get tired dealing with the rush,” he said. On Monday, both the Sensex and Nifty touched new highs, as Exit Polls predicted a massive victory for the NDA government amid India’s GDP exceeding estimates at 8.2 per cent for FY24. Online brokerage platforms Zerodha and Groww witnessed disruptions in peak trading hours as the bull rally gained momentum. All 13 sectoral indices were in the green as financial services, oil and gas, and power sectors led the rally in Nifty. The Nifty hit an all-time high of 23,338, while Sensex reached 76,738 in intra-day trading. At close, Nifty surged 733 points or 3.25 per cent to close at 23,263 points, while the Sensex closed at 76,468, up 2,507 points or 3.39 per cent. The Bank Nifty surged to 50,979 or a record 4 per cent. The Adani Group stocks performed well for the second consecutive session, led by Adani Ports which closed over 10 per cent up. Adani Enterprises’ stock soared by 7.3 per cent, Adani Total Gas surged by 8.4 per cent, Adani Power climbed to 16 per cent, while Adani Energy Solutions went up by 9.2 per cent. Adani Green Energy shares shot up by 7 per cent, while Adani Wilmar and Ambuja Cements recorded gains of 3.7 per cent and 6.3 per cent, respectively. NDTV’s shares went up 6.4 per cent. Meanwhile, State Bank of India (SBI) became the seventh Indian-listed company to surpass Rs 8 lakh crore in market capitalisation. According to market experts, if the election results go as per the Exit Poll projections, the markets will see further gains on Tuesday and for the remainder of the week. “If the results are better than expected — meaning if the NDA secures significantly more seats than the average Exit Poll numbers — the Nifty might embrace another round of buoyant movement,” said Rupak De, Senior Technical Analyst, LKP Securities.

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