Markets shatter all records, gain over Rs 12L cr in single day

Mumbai: Shattering all previous records, the Indian stock markets on Monday positively responded to Prime Minister Narendra Modi’s prediction that "stock market programmers will get tired dealing with the rush" post-election results, albeit a day early.

In an interaction with a news channel, Modi said the Indian indices are set to witness record highs after the poll results on Tuesday. "Within a week after election results, the Indian stock market will touch record highs and stock market programmers will get tired dealing with the rush," he said.

On Monday, the share markets posted a massive jump, banking on exit poll predictions of continuity and political stability. The 30-share Sensex rallied over 2,000 points in the morning, while the 50-stock Nifty recorded its biggest jump in four years during the market opening. The rally added Rs 12.48 lakh crore wealth to the market cap of BSE stocks.

Both Sensex and Nifty, the indices of the Bombay Stock Exchange and the National Stock Exchange, hit record highs. All Sensex and Nifty stocks are in the green. At pre-open, Nifty surged over 800 points or 3.58% to 23,227.90 while the Sensex jumped 2,621.98 points or 3.55% to 76,583.29.

Online brokerage platforms Zerodha and Groww witnessed disruptions in peak trading hours as the bull rally gained momentum. All 13 sectoral indices were in the green as financial services, oil and gas, and power sectors led the rally in Nifty.

The Adani Group stocks performed well for the second consecutive session, led by Adani Ports which closed over 10 per cent up. The State Bank of India (SBI) became the seventh Indian-listed company to surpass Rs 8 lakh crore in market capitalisation.

According to market experts, if the election results go as per the exit poll projections, the markets will see further gains on Tuesday and for the remainder of the week.