Indian shares hit new all-time highs on Monday led by financials and energy shares as state election results boosted market momentum on strong macroeconomic data and subdued global interest rate expectations.
The NSE Nifty 50 index rose 1.65% to 20,602.50, hitting a record high for the second consecutive session. As of 9:51 am IST, the S&P BSE Sensex was up 1.64% at an all-time high of 68,587.82.
Financial services rose 1.8% and energy stocks rose 2%, leading regional gains.
Index heavyweights Reliance Industries, ICICI Bank, HDFC Bank rose between 1% and 3%.
Small- and mid-caps rose about 1% each, hitting new all-time highs.
The ruling Bharatiya Janata Party (BJP) scored significant victories in three of the four state assembly elections, as results were announced over the weekend.
“State election results will instill more confidence in the continuity of the BJP government at the Centre, which will boost the markets,” Anjali Verma and Ravi Kumar, research analysts at PhillipCapital, said in a note.
Nifty had hit a record high on Friday helped by strong domestic macroeconomic data including quarterly growth and monthly factory activity.
“The market has already started the pre-poll rally for May 2024 since November, now this rally will gain momentum after the state election results,” said Sunil Nyati, managing director of Swatika Investmart.
Nifty and Sensex recorded their best month in November in 2023, helped by the return of foreign inflows due to improving global rate outlook.
Adani Group shares rose between 3% to 9% and were followed by gains in several sectoral indices including metals and energy.
(This story has not been edited by NDTV staff and is auto-generated from a syndicated feed.)
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