Mumbai: The Stock Market seems to be buoyant with the formation of the Modi 3.0 Government. The Sensex breached the 77,000-mark for first time in its history and the broader Nifty hit record high level in early trade on Monday. The 30-share BSE Sensex surged 385.68 points to hit its new record high of 77,079.04, while NSE Nifty climbed 121.75 points to hit its lifetime peak of 23,411.90. Later, the indices faced volatile trends and were trading flat.
The markets rallied due to various factors such as the Reserve Bank of India (RBI) estimating that the GDP growth projection would be on the higher side at 7.2 per cent for 2024-25 from 7 per cent earlier and fresh foreign fund inflows.
The markets rallied a day after Narendra Modi was sworn in as prime minister on Sunday for a record-equalling third term. He along with 72 Union Council of Ministers took oath.
Top gainers: Among the 30 Sensex companies – Power Grid, Axis Bank, State Bank of India, Bajaj Finserv, Reliance Industries and NTPC were the biggest gainers. Stocks in Red – Tech Mahindra, Infosys, Wipro, HCL Technologies and Titan.
Foreign Institutional Investors (FIIs) bought equities worth Rs 4,391.02 crore on Friday, according to exchange data.
Meanwhile, the Rupee declined 10 paise to 83.50 against US dollar in early trade.
Modi 3.0 Govt: What India Inc said
With the formation of NDA government at the Centre and Prime Minister Narendra Modi at helm of affairs India Inc said it hopes the new regime will implement “bolder reforms” and measures to foster economic development and lay the foundation for ‘Viksit Bharat’.
USIBC jubiliant on return of Modi govt
USIBC President Atul Keshap said that the swearing-in of Narendra Modi as the prime minister for a consecutive third term sends a strong message of political and economic stability amidst rising geostrategic uncertainty.
The Sensex breached 77,000-mark for first time and the Nifty record high level in early trade on Monday. Later, the stock market indices faced volatile trends and were trading flat. Markets Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
