Sensex, Nifty Surge Over 3% To Record Highs After Exit Poll Results

Indian shares hit new record highs on Monday, with buying seen across the board after many exit polls predicted a clean sweep for the BJP-led NDA in the Lok Sabha Elections 2024.

A summary of exit polls project the NDA could win between 355 and 380 seats in the 543-member lower house of parliament. Vote counting will begin on Tuesday, June 4, at 8 am.

There was also some cheer on the economic front as government data showed India’s GDP growth surpassed all expectations and stood at 7.8 percent in the fourth quarter of FY24.

Additionally, global cues were positive after the Fed’s preferred measure of inflation met estimates and posted the smallest increase this year at 2.7 percent in April, raising hopes for an interest rate cut by the end of the year.

The benchmark S&P/BSE Sensex jumped 2,507.47 points, or 3.39 percent, to 76,468.78 while the broader NSE Nifty index closed at 23,263.90, up 733.20 points, or 3.25 percent, from its previous close.

Adani Ports topped the gainers list in the Nifty pack to rally 10.6 percent while ONGC, Power Grid Corp, NTPC and SBI jumped 7-9 percent.

Shares of Shriram Finance, the flagship company of Shriram Group, rose 6.9 percent after the company successfully raised USD 468 million in multi-currency for business growth through a social loan structured by leading banks.