The stock market saw a significant surge at the opening on Monday morning, with the Sensex rising by approximately two thousand points and the Nifty by over 650 points during pre-opening. This uptrend in the stock market is attributed to the release of exit poll results.
The stock market reached its highest level ever a day before the election results. At the beginning of trading on Monday, the Sensex reached 76,738. This is the highest level of Sensex so far. At the same time, Nifty also reached its all-time high of 23,338. It saw a rise of more than 650 points.
This is the highest gain of the stock market in a day in the last 2 years. Earlier on August 30, 2022, the Sensex had gained more than 1500 points. At 10 am, the Sensex was trading at 76.050 and the Nifty at 23,200.
The exit polls of the Lok Sabha elections have predicted the Narendra Modi government to come to power for the third time.
The prediction of a strong government in the exit polls has boosted the positive sentiment in the market. It is also being speculated that the new government will work fast on development projects, which will strengthen the economy. Experts believe that this is the main reason for the boom in the market.
Earlier, the market analysts had said that BJP's clear victory, as predicted by exit polls, is likely to remove election-related jitters among investors. Experts called the exit polls prediction as a ‘shot in the arm’ for bulls who will trigger a big rally in the market.
Rupee gains 42 paise against dollar
The rupee has strengthened by 42 paise against the dollar. The rupee has reached 83 rupees per dollar against the US dollar. Earlier, the rupee was at 83.42 rupees per dollar against the dollar.
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