Indian stock markets on Monday opened to a historic rally, with the market capitalization surging over Rs 12 lakh crore, which is equivalent to 3.25 per cent.
Analysts associated this surge with the positive predictions out of Exit Polls, with the majority of them projecting a thumping win for the NDA government, which propelled both Sensex and Nifty to new historical highs. In a notable event, Adani counters saw huge buying, and both Adani Ports and Adani Power were the top gainers.
What now the market observers feel important to be kept a close watch on are the key events that lie ahead, including the RBI policy announcement, unveiling of the 100-day measures list, and the final budget presentation.
The Bank Nifty index scaled a historical peak of 51,000 and closed at 50,979. The significant gains in the banking sector were led by Bank of Baroda, which rose by 12.10 per cent, followed by the State Bank of India at 9.07 per cent. The market capitalization of the SBI has crossed the Rs 8 lakh crore mark, and it is the seventh company to reach this milestone in the country.
Sectoral indices painted a rosy picture, with Nifty PSU Bank closing with a massive gain of 8.40 per cent and Nifty Energy closing up by 6.77 per cent. The VIX collapsed to 15 per cent.
GDP numbers released on Friday came out better than expected and showed a growth rate of 8.2%, which many believe should provide great fundamental support to the upward movement of the market
Read Also | India's economy and stock markets have outperformed China's over the last three years
Read Also | India has opened up its market for US products, says Joe Biden administration
