Stock Market Updates: Sensex and Nifty Roars
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Summary: The market is in high optimism after the huge victory of the Bhartiya Janata Party (BJP) in the Maharashtra Assembly elections.
Indian benchmark equity indices, BSE Sensex and Nifty 50, surged at the opening bell on Monday, driven by positive domestic cues and a slowdown in foreign investor selling.
When the session began, the BSE Sensex was up 1,227 points, or 1.55%, at 80,344.78, while the Nifty 50 was up 370 points, or 1.55%, at 24,277.
The Bharatiya Janata Party (BJP)-led coalition's overwhelming success in the Maharashtra Assembly elections with the upbeat sentiment in international markets is giving investors hope and extending the gains from the previous week's last trading session.
Palka Arora Chopra, Director of Master Capital Services, highlighted the reason behind the surge in the Indian stock market following the BJP-led NDA's overwhelming victory in the Maharashtra Assembly Election: "In Maharashtra, the BJP-led Mahayuti alliance is set to form the government. This Maharashtra election result is expected to provide political stability, positively impacting investor sentiment, especially in infrastructure, urban development, and manufacturing sectors aligned with BJP policies."
The Asian-Pacific markets took a high on Monday. The broad-based Topix was up 1.07 percent, Japan's Nikkei 225 was up 1.61 percent, and Australia's S&P/ASX 200 was up 0.7% at 8,452.7.
The small-cap Kosdaq experienced a greater increase of 2.36 percent, while South Korea's Kospi witnessed a 1.45 percent gain.
While mainland China's CSI 300 remained steady with a bearish bias, Hong Kong's Hang Seng index increased by 0.31 percent. The Shanghai Composite increased by 0.21%.\
Despite bitcoin trading close to the $100,000 level, global stocks saw a robust weekly rise on Friday, while US Treasury rates fell as investors watched President-elect Donald Trump's expected policies and their effects on the US economy.
Markets are anticipating Trump's choice for Treasury secretary, as he has been appointing high-ranking people to his government.
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