Indian stock indices climbed more than 2% on Monday with investors cheered by the Bharatiya Janata Party’s (BJP) victory in assembly elections in three states.
Foreign institutional investors (FIIs) on Monday sold stocks of Indian companies worth ₹16,632.02 crore and bought stocks for ₹18,705.23 crore, resulting in an inflow of ₹2,073.21 crore, according to NSE data.
On Friday, foreign institutional investors bought shares worth ₹1,589.61 crore.
Domestic institutional investors (DIIs) bought equities worth ₹16,342.00 crore and offloaded shares worth ₹11,544.85 crore, resulting in an inflow of ₹4,797.15 crore, the exchange data showed.
Traders expect that the BJP’s win in Madhya Pradesh, Rajasthan and Chhattisgarh assembly polls would boost market sentiment and ease fears of fiscal populism in the run up to the 2024 Lok Sabha elections.
The 30-share BSE Sensex jumped 1,383.93 points, or 2.05%, to close at a record high of 68,865.12. The index touched an intra-day record high of 68,918.22. It logged its biggest single-day jump since May 20, 2022.
The broader NSE Nifty also climbed 418.90 points, or 2.07%, to hit its all-time closing high of 20,686.80.
In the broader market, the BSE midcap gauge jumped 1.19% and smallcap index climbed 1.20%.
Investors’ sentiments were also boosted by lower crude oil prices, hovering below $80.
Among the sectoral indices, oil and gas gained the most 3.77%, followed by Bankex rising to 3.56%. The power sector index went up 2.99%, financial services advanced 2.98% and utilities jumped 2.94%.
Among the BSE blue chips, ICICI Bank and SBI registered maximum gains of 4.68% and 3.99%, respectively.Other major gainers were Larsen & Toubro, Kotak Mahindra Bank and HDFC Bank.
The Indian rupee fell on Monday against the US dollar.
The rupee closed at 83.3650 against the US dollar, weaker by 0.09% compared to its close at 83.2875 in the previous session.
The local unit opened at 83.28 and touched a low of 83.37 against the dollar.
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Updated: 04 Dec 2023, 07:20 PM IST