Sensex, Nifty Soar On Exit Poll Results
(RTTNews) - Indian shares soared in early trade on Monday, with gains seen across the board after several exit polls pointed to a third term and sizable mandate for Prime Minister Narendra Modi.
Positive global cues on the back of encouraging inflation data from the U.S. and robust Indian GDP data for the fourth quarter of FY24 also boosted investor sentiment.
The benchmark S&P BSE Sensex was up 1,890 points, or 2.6 percent, at 75,851 in early trade while the broader NSE Nifty index surged 584 points, or 2.6 percent, to 23,115.
Adani Group stocks soared, with Adani Enterprises and Adani Ports surging 7 percent and 9.4 percent, respectively.
PSU stocks such as NTPC and Power Grid Corp were up 6 percent and 7.6 percent, respectively.
Maruti Suzuki India added 1.5 percent after cutting prices of its AGS variants for some models. Hero MotoCorp rallied 2.5 percent despite reporting a marginal dip in May sales. REC soared 8.3 percent on fund raising reports.
MosChip Technologies jumped 10 percent after it secured a contract worth over Rs 500 crores from CDAC.
State-run oil marketing companies BPCL, HPCL and IOC surged 5-8 percent while explorer ONGC climbed 4 percent, Oil India rallied 3.3 percent and Reliance Industries rose 2.4 percent.
Telecom stocks such as Bharti Airtel and Vodafone Idea were up 3-4 percent.
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