Indian benchmark indices surged on Monday in the early trade, with Sensex crossing 80,000-mark after the landslide victory by the BJP-led MahaYuti alliance in Maharashtra. The Sensex was up 1,173.91 points or 1.48 per cent at 80,291.02, and the Nifty was up 367.00 points or 1.54 percent at 24,274.30. About 2,371 shares advanced, 292 shares declined and 121 shares unchanged.
Adani Enterprises (NS:ADEL), Shriram Finance, M&M (NS:MAHM), Bharat Electronic and BPCL were among major gainers on the Nifty, while JSW Steel (NS:JSTL) was the top loser.
Sectoral indices All the sectoral indices were trading in the green with auto, bank, media, telecom, oil and gas, power, realty up 1-2 per cent each.
BSE midcap and smallcap indices were up 1.5 per cent each.
According to market experts, the ability of the market to surprise was evident in the spurt in the Nifty last Friday.
"This sharp upswing will continue today assisted by the super NDA performance in Maharashtra. The political message from this election is huge and highly positive from the market perspective," said experts.
Banking and IT stand strong on a good wicket aided by fair valuations and reasonable growth prospects. Keep an eye on capital goods, telecom, and pharma stocks, they warned.
Akshay Chinchalkar, Head of Research, Axis Securities said with the Nifty holding the key 23,200 level last week, there's all potential for the bounce to go towards 24,500 since the Thursday low turned out to be a classic bear trap with an absence of downside follow through.
"Seasonality trends between now and the end of the year have been historically positive, with the Nifty rising 80 per cent of the time during this period with an average return of over 4 per cent," he mentioned.
Indian indices logged in their biggest single-day gains in over five months on 22 November, after a strong bounce over the previous session on the back of sector-wide buying and Adani Group stocks bouncing back.
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