Mumbai, Nov 25: The 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 per cent at 24,274.30. About 2,371 shares advanced, 292 shares declined and 121 shares unchanged. Adani Enterprises, Shriram Finance, M&M, Bharat Electronic and BPCL were among major gainers on the Nifty, while JSW Steel was the top loser.
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 are on a strong wicket assisted by fair valuations and reasonable growth prospects. Watch out for capital goods, telecom and pharma stocks, they added. Akshay Chinchalkar, Head of Research at Axis Securities, said with the Nifty holding the key 23,200 level last week, there is a potential for the bounce to extend toward 24,500 since the Thursday low turned into a classic bear trap with lack 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. On November 22, after a robust rebound in the previous session, Indian indices recorded their biggest single-day gains in over five months, driven by broad-based buying across sectors and a recovery in Adani Group stocks.
IANS