Mid-day updates: Sensex surges over 2,300 points, Nifty crosses 23,200 on high optimism

The Indian stock market witnessed a significant surge today. The BSE Sensex was up by 3.13 per cent, or 2,292.14 points, to 76,244.18, while the NSE Nifty was at 23,221, up by 3.07 per cent, or 690.75 points, at 12.40 pm. This was driven by optimism fueled by exit poll predictions of a victory for the NDA government.

A total of 4,018 stocks were actively traded: 2,515 advanced, 1,353 declined, and 150 stocks remained unchanged, where 265 stocks hit a 52-week high, and 50 stocks hit a 52-week low on Monday on the BSE

Suman Bannerjee, CIO, Hedonova, said, “The markets are riding a wave of optimism, propelled by the exit polls suggesting a decisive win for the NDA government, reflecting the sentiment driving the surge to an all-time high of 23,122. The upcoming election results could sustain this rally if the NDA wins, while any surprises might trigger volatility.

Additionally, the RBI’s monetary policy decisions will be critical; a dovish stance could further boost the market, whereas a hawkish approach to curb inflation might temper gains. In the short term, investors should maintain caution and consider hedging, while a mid-term strategy should focus on a diversified portfolio, quality investments, and monitoring economic indicators to adapt to fiscal and monetary policy changes.”

The top gainers on the NSE include Adani Ports (10.71%), Power Grid (9.98%), SBI (8.15%), NTPC (7.84%), and BPCL (7.34%). The top losers include Eicher Motors (-1.13%), LTIMindtree (-0.38%), and HCL Tech (-0.18%).

BSE Smallcap was up by 2.06 per cent, and BSE Midcap was up by 3.42 per cent, indicating gains.

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