Sensex, Nifty hit record high after Modi takes oath as PM

Wednesday 12th June 2024 07:39 EDT

Indian stock market hit record high on Monday, with the benchmark Sensex rising above 77,000 and the Nifty 50 scaling above 23,400, amid upbeat sentiment. The positive momentum in the equity market came after Narendra Modi took oath as India’s Prime Minister for a third consecutive time on Sunday.

Gains in index heavyweights such as Reliance Industries, Ultratech Cement, Grasim Industries, and Cipla supported the rally.

Buying was also witnessed in the broader markets as the Nifty Midcap 100 and the Nifty Smallcap 100 index traded higher. Among sectors, Nifty PSU Bank, Nifty Realty, Nifty Oil & Gas, Nifty Pharma and Nifty Auto led the gains, while Nifty IT was trading in the red.

Market sentiment improved as concerns over political stability and policy continuity waned after the new government led by Prime Minister Narendra Modi was sworn in over the weekend.

On Friday, Sensex and Nifty 50 saw a stellar rally of over 2% each after the Reserve Bank of India (RBI) policy. The RBI’s Monetary Policy Committee (MPC) kept the repo rate and policy stance unchanged and raised India’s GDP estimates for FY25, while retaining the inflation target.

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