BSE

The BSE Sensex experienced a notable surge, climbing 559 points to reach 71,108 points. Among the standout performers within the Sensex were IT stocks, with HCL Tech exhibiting a 5 percent increase, Infosys and TCS both rising by 4 percent, and Tech Mahindra recording a 3 percent uptick. Tata Steel also demonstrated a notable growth of 3 percent.

Large caps, particularly well-valued ones in banking and IT, are poised to benefit, with potential spillover effects on mid and small caps amid retail enthusiasm. BSE Sensex surged by 847 points, reaching 70431 points on Thursday, with IT stocks like Infosys and HCL Tech spearheading the upward momentum with over 3% gains.

The IIP growth of 11.7 percent in October indicates continued economic growth. The decline in Brent crude below $74 is strengthening India's macros. Leading banks, capital goods, cement, oil marketing companies, and the leading airline company are performing well.

By mid-morning, the BSE Sensex climbed 0.32% to breach 70,048, while the NSE Nifty 50 rose 0.24% above 21,019 points.

Indications suggest a more substantial shift, expected to persist until at least the mid-April to May 24, coinciding with the ongoing elections. The prevailing market sentiment reflects optimism, aligning with the current government's favorable disposition and increasing the likelihood of their consecutive third term.

The BJP's victorious stance in the state Assembly polls across Madhya Pradesh, Rajasthan, and Chhattisgarh triggered a monumental rally, with PSU stocks emerging as the most significant gainers.

​​​​​​​According to a report by Jefferies, the surge in investor engagement and the segmentation of equity derivatives have propelled derivative volumes to 20-30 times higher than those observed in developed markets.

He underscores that the Nifty's performance is influenced by the underwhelming performance of banks, which carry substantial weightage within the index.

He speculates that confirmation of political stability post the 2024 General Elections through the state election outcomes could initiate a pre-election rally.

The stock exchange's revenue also recorded a robust growth of 53%, reaching a record Rs 367 crore in the second quarter of this year, compared to Rs 240 crore in the corresponding period of the previous financial year, as per a statement from BSE.