Sensex, Nifty jump to record high after BJP assembly polls win

The Indian equity market indices Sensex and Nifty soared more than 2 per cent to settle at record high levels on Monday, marking the fifth straight day of gains as the BJP's victory in assembly polls in three states boosted investor sentiment. Analysts said BJP's clear majority in Madhya Pradesh, Rajasthan and Chhattisgarh state polls strengthened the positive sentiment built up last week following robust macroeconomic numbers and unabated foreign fund inflows.Besides, crude oil prices hovering below USD 80 per barrel fuelled investors sentiment, they said.
At close, the Sensex was up 1,383.93 points, or 2.05 percent, at 68,865.12. The Nifty was up 418.9 points, or 2.07 percent, at 20,686.80, closing at a new high for the second successive session.
Stocks and Sectors
Eicher Motors, Adani Enterprises, Adani Ports, BPCL and ICICI Bank were the top gainers on the Nifty, while losers included HDFC Life, Britannia Industries, Wipro, Sun Pharma and Titan Company.
On the sectoral front, except Nifty pharma and media, all other indices ended in the green.Among broader indices BSE midcap and smallcap rose a percent each, to test respective record highs. Nifty Bank to gained to new highs.
On 4 Dec'23,the Indian rupee pared its initial gains and settled lower by 3 paise to close at 83.36  against the US dollar on Monday amid a recovery in the greenback in overseas markets.
Forex traders said the rupee gained earlier in the day as domestic equity indices surged to record highs after the ruling BJP scored a spectacular win in three Hindi heartland states. Moreover, sustained foreign fund inflows also supported the local currency.
Experts Take
Market experts have recommended six stocks to buy for  Monday PNB, Tata Power, Kotak Mahindra Bank, ICICI Bank, Craftsman Automation and Asian Paints.

(Writer is a Finance Research Analyst, based in Gandhinagar, Gujarat)