📷 Image Credits: BusinessLine
Sensex and Nifty have shown resilience as Narendra Modi is set to take office as Prime Minister for the third consecutive term, leading to a positive market sentiment. Following a recent mayhem, the Nifty 50 index has recovered by 4.7% at day’s high. The markets traded higher in the mid-afternoon session, with Sensex at 74,743.78, up 361.25 points, and Nifty up by 111 points at 22,731.3 points. The broader markets also performed well, with Nifty Midcap 100 and Nifty Smallcap 100 gaining up to 3%. Sectorally, the IT, Realty, PSU Bank, and energy sectors led the gains, with Nifty Realty surging the most by as much as 4%. Top gainers in the Nifty pack included stocks like Tech Mahindra, Shriram Finance, HCL Technologies, Infosys, and SBI, while laggards were Hindalco, HUL, Hero MotoCorp, M&M, and Cipla. Global market trends have turned favorable with speculation of potential rate cuts by the Fed after weak US labor market data. FIIs continued to sell in India due to high valuations compared to Chinese stocks. Political stability has provided a positive outlook, but concerns remain about the BJP’s dependence on allies affecting economic reforms and growth in the long run.
