Indian stock markets reached new record highs on Monday, buoyed by widespread buying following exit polls that forecast a decisive victory for the BJP-led NDA in the 2024 Lok Sabha Elections.
Exit polls estimate that the NDA could secure between 355 and 380 seats in the 543-member lower house of parliament. The vote counting is scheduled to commence on Tuesday, June 4, at 8 am.
Economic data further boosted sentiment, as government reports revealed that India's GDP growth surpassed expectations, hitting 7.8 percent in the fourth quarter of FY24.
Global market indicators were also positive. The U.S. Federal Reserve's preferred inflation measure met forecasts, showing a modest increase of 2.7 percent in April. This has heightened anticipations of an interest rate cut by the year's end.
The benchmark S&P BSE Sensex surged 2,507.47 points, or 3.39 percent, closing at 76,468.78. Meanwhile, the broader NSE Nifty index rose by 733.20 points, or 3.25 percent, to close at 23,263.90.
Adani Ports led the Nifty gainers, rallying 10.6 percent. Other notable performers included ONGC, Power Grid Corp, NTPC, and SBI, which saw gains of 7-9 percent.
Shares of Shriram Finance, the flagship of the Shriram Group, climbed 6.9 percent after successfully raising USD 468 million through a multi-currency social loan structured by leading banks.
