Indian equity benchmarks opened at an all-time high on Monday, June 3, after exit polls predicted a third term for the Bharatiya Janata Party’s Narendra Modi-led government.
Sensex opened almost 2600 points higher at 76,582 points and Nifty opened almost 800 points higher at 23,338 points. At 9.50 am, Sensex was at 75,818, up 1,857 points or 2.51% and Nifty was at 23,115, up 584 points or 2.59%.
There is a positive trend in the market as 1,983 shares are trading up while 177 shares are trading in the red on NSE. Midcap and smallcap shares are also trading higher on Monday. The Nifty Midcap 100 index is trading at 53,012 points, up 1,306 points or 2.53%, and the Nifty Smallcap 100 index is trading at 17,050 points, up 366 points or 2.20%.
All the market indices are trading in the green. Auto, PSU Bank, Fin Service, Metal, Realty, Energy, PSE and Infra indices were major gainers. All 30 Sensex stocks are trading in the green. Power Grid, NTPC, M&M, L&T, SBI, IndusInd Bank, UltraTech Cement, Axis Bank and Airtel are the top gainers.
Market experts said that fundamentals, technicals and sentiments turning favourable at the same time are rare in the market. This is what has happened now. "The market went into big events, like elections. Nifty corrected around 600 points from the May highs. Profit booking also happened on a large scale. The short position in the market also is high," they added.
The Adani Group has regained its total market capitalisation after it was hit by Hindenburg report in late FY23. The market capitalisation of 10 listed Portfolio companies surged by more than Rs 2 lakh crore to surpass Rs 18.5 lakh crore on Monday.
The stock of all Adani Group companies advanced on opening bell, with flagship Adani Enterprises gaining over 9% as Adani Ports and Special Economic Zone rose 10% to hit a lifetime high. The shares of Adani Power, Adani Total Gas, Adani Wilmar and Adani Green Energy also went up.
Nirav Sheth, CEO of institutional equities at Emkay Global Financial Services Ltd, said that the execution (capacity) of the Adani Group has been mind-boggling.
"That (infrastructure sector) is where the entire thrust is going to be and where there is capacity to do large-scale construction,” he said.
(With inputs from IANS)