Sensex zooms 2622 points as Exit Poll predicts NDA’s return to power

Mumbai: After 45-day long uncertainty over the election outcome, the stock market on Monday opened on a record high with the 30-share BSE Sensex rising 2,622 points up, or 3.55 per cent at 76,583.30 while NSE Nifty also opened 807 points up at 23,337.70, as the Exit poll predicted NDA returning to power for the third consecutive time.

All bank stocks gained handsomely immediately after opening as the Nifty baking index surpassed 50,000 level for the first time.

Even as the opposition parties have alleged that the Exit poll is “biased”, the market has responded positively to the exit poll.

The market leaders, however, expressed caution to investors, especially small investors, saying the market will remain volatile for some time and wait for the final result tomorrow before making any investment decisions.

Besides the exit poll, the market also rose due to favorable economic growth numbers announced last week, saying the GDP growth in FY24 is 8.2 per cent and also continuous encouraging collection of GST numbers month after month.

After the first hour of trading, the Nifty was trading at 23,180 with a gain of over 650 points, while the BSE Sensex was at 76,060, up by over 2100 points.

In the 30-share Sensex, all shares were in green with all heavy weights like RIL, TCS, HDFC Bank, Airtel, SBI, and HUL, among others, and no share was seen in the red.