Share market brightened after elections, Nifty made a new record, Sensex closed with a spectacular rise.

After the results of assembly elections in five states came out, BJP has captured power in three states. With this, the full impact of this victory was seen in the domestic stock market on Monday. With this victory, the stock market has seen a rise for the fifth consecutive day. BSE Sensex has made a huge jump of 1,384 points during this period. With this, the Sensex closed at a record level on Monday.

Apart from this, positive impact of assembly elections was also seen on NSE Nifty and Nifty closed at its highest level till date. According to experts, the market is vibrant due to the clear majority won by BJP in Madhya Pradesh, Rajasthan and Chhattisgarh. Last week, GDP and other important economic figures were in better condition, which has strengthened the positive thinking about the market.

Effect on oil price also

Apart from the assembly elections, the price of crude oil has remained below $ 80 per barrel, which boosted investor sentiment. BSE Sensex, based on 30 shares, jumped 1,383.93 points or 2.05 percent to close at an all-time high of 68,865.12 points. During trading this record had gone up to 68,918.22 points. This is the biggest rise in Sensex in a day after May 20, 2022. National Stock Exchange index Nifty also closed at its highest ever level of 20,686.80 points with a gain of 418.90 points or 2.07 points. Out of 50 stocks included in Nifty, 44 were in profit. Among the companies included in the Sensex, ICICI Bank and SBI had the highest rise of 4.68 percent and 3.99 percent respectively. Other major gainers included Larsen & Toubro, Kotak Mahindra Bank and HDFC Bank. On the other hand, Wipro and Tata Motors remained in the red. In this phase of all-round boom in the market, the total market valuation of listed companies jumped by Rs 5.81 lakh crore to reach a record level of Rs 343.48 lakh crore.

BJP’s victory creates a record in the market

Vinod Nair, head of research, Geojit Financial Services, said, “BJP has registered a landslide victory in three states, after which both the benchmark indices closed at record levels. There has been a rise in the market throughout the day. The reason for the rise is a signal that a stable government is going to be formed in the country in the general elections to be held in the coming year.” Nair said, ”There was a rise in all sectors on the expectation of continued investment by FIIs (Foreign Institutional Investors) . The market also got support from positive statements regarding inflation in other countries of the world and stable domestic macroeconomic data.

The BSE Midcap index, representing a majority of stocks, gained 1.19 per cent while the Smallcap index rose 1.20 per cent. During this period, there was growth in all industry segments in which oil and gas sector was at the forefront with 3.77 percent growth. Rupak Dey, senior technical analyst at LKP Securities, said, along with the election results, buying pressure was seen in Nifty on expectations of higher upside in the near future. Bulls may continue to dominate till Nifty does not fall below the level of 20,400.

In other markets of Asia, Hong Kong’s Hang Seng, Japan’s Nikkei and China’s Shanghai Composite Index were in loss. Among the major markets of Europe, there was a rise in Germany and France, while there was a decline in the London market. There was a mixed trend in the American market on Friday. Meanwhile, global oil benchmark Brent crude fell 0.65 per cent to $78.37 per barrel. According to stock market data, foreign institutional investors bought shares worth Rs 1,589.61 crore on Friday.