The share markets posted a massive jump in early trade today, banking on exit poll predictions of continuity and political stability. The 30-share Sensex rallied over 2,000 points this 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.
Adani Ports, Adani Enterprises, Power Grid, Shriram Finance, and NTPC are among the top performers that led the market rally with significant gains. The latest GDP data suggesting a robust 8.2% fiscal growth also bolstered market sentiment.
"Buoyant sentiments are driven by India's impressive Q4FY24 GDP growth of 7.8 per cent, surpassing expectations, with the fiscal year's growth standing at 8.2 per cent," said Varun Aggarwal, founder and managing director of Profit Idea. He also cautioned that the markets would remain volatile in anticipation of the results due tomorrow.
An aggregate of 12 exit polls on Saturday predicted the BJP will return to power with the ruling NDA alliance winning 365 seats. A party or an alliance needs at least 272 seats to form government in the country. The market prefers political stability and a change in government usually risks volatility in the share market, according to analysts.
The exit polls have also predicted that the BJP is set to break ground in Kerala and Tamil Nadu in the south, and make large gains in Odisha and Bengal in the east. There is, however, a health warning: exit polls do not always get it right.
While the BJP has welcomed the exit poll predictions, the Opposition has dismissed the forecast and said the counting day will throw up a completely different picture. Following a meeting of the Opposition leaders part of the INDIA bloc, Congress chief Mallikarjun Kharge Saturday said that the bloc will win at least 295 seats out of the total 543.
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