Markets surge on clear Maharashtra mandate, Nifty crosses 24,200

Indian equity markets extended gains from the previous session, closing strongly on Monday as Nifty soared past 24,200, fueled by investor optimism following the BJP-led Mahayuti alliance's victory in the Maharashtra elections. The rally saw robust participation across sectors. At close, the Sensex was up 992.74 points or 1.25 percent at 80,109.85, and the Nifty was up 314.65 points or 1.32 percent at 24,221.90.
ONGC, BPCL, Bharat Electronics, SBI, and L&T were the top gainers on the Nifty, while losers included JSW Steel, Infosys, Bajaj Auto, Tech Mahindra, and Asian Paints.On the sectoral oil & gas, realty, capital goods, and PSU bank went up 2-4 percent.The BSE midcap index rose 1.6 percent while the smallcap index added nearly 2 percent.
Rupee Close:
On 25 Nov'24,the Indian rupee logged its strongest one-day gain since June on Monday, aided by dollar inflows related to the rebalancing of MSCI's global equity indexes, alongside softness in the dollar and lower U.S. bond yields.The rupee closed at 84.2875 against the U.S. dollar, up 0.2% from its previous close, its biggest single-day gain since June 3, according to information.
Trading Guide:
Vinod Nair, Head of Research, Geojit Financial Services,major state election results lifted market sentiment and increased the scope of stability in government spending in H2FY25 to meet the capex target. The rally was broad-based, while capex-linked sectors like infra, capital goods, and industrials outperformed in expectation of a surge in new order inflows. The prospects of H2 remain positive due to a good monsoon, festival, and marriage season, which could ease the impact of earnings downgrades that happened in Q2.
Market experts have recommended three shares to buy-Coal India Ltd,Aurobindo Pharma Ltd,Hindustan Unilever Ltd.

(Business Correspondent)