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Indian stock markets hit fresh all-time highs on Monday, driven by financial and energy stocks, while strong macroeconomic data following state election results and weak global interest rate expectations lifted the markets.
The NSE Nifty 50 index rose 1.65% to 20,602.50 points, hitting a record high for the second consecutive session. The S&P BSE Sensex rose 1.64% to an all-time high of 68,587.82 by 9:51 am IST.
Financial services rose 1.8% and energy shares added 2%, leading sectoral gains.
Index heavyweights Reliance Industries, ICICI Bank, HDFC Bank among others gained 1 to 3%.
Small and mid-cap stocks rose by about 1% and also hit all-time highs.
Results over the weekend showed the ruling Bharatiya Janata Party (BJP) winning significant victories in three out of four state assembly elections.
“The outcome of the state election will instill more confidence in the continuity of the BJP government at the Centre, thereby boosting the markets,” PhillipCapital Research analysts Anjali Varma and Ravi Kumar said in a note.
Nifty had hit a record high on Friday, helped by strong domestic macroeconomic data including quarterly growth and monthly factory activity.
“The market has started a pre-election rally for May 2024 since November, now this rally will gain momentum after the results of the state elections,” said Sunil Nyati, Managing Director, Swastika Investmart.
Nifty and Sensex recorded their best month in 2023 in November, aided by the return of foreign flows on an improved global rate scenario.
Adani Group shares rose 3% to 9% and several sectoral indices, including metals and energy, gained.
(This story has not been edited by NDTV staff and is auto-generated from a syndicated feed.)
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