New Delhi: The Indian stock market indices, Sensex and Nifty 50, are expected to open with strong gains on Tuesday as the election results of 2024 are announced. The Gift Nifty also showed a positive start, trading around 23,570 level, a premium of nearly 160 points from the Nifty futures’ previous close.
The counting of votes for the Lok Sabha Elections 2024 has begun with Prime Minister Narendra Modi projected to retain power for the third consecutive term. The exit polls indicate that the ruling BJP-led alliance is likely to win a vast majority in the lower house of the parliament. Exit polls predicted a clear edge for the NDA, driven by the BJP’s gains in southern and eastern states. Following the announcement of exit polls, stocks surged and the rupee gained against the US dollar.
On Monday, the domestic equity indices witnessed a sharp rally, with the benchmark Nifty 50 closing above the 23,200 level. The Sensex surged 2,507.47 points, or 3.39 percent, to close at 76,468.78, while the Nifty 50 settled 733.20 points, or 3.25 percent, higher at 23,263.90. The Nifty 50 formed a hammer-like pattern as it logged its best session in over three years.
The Nifty 50 started the week at a new record high with a significant gap up, ending above 23,300, with gains of over 3% on June 3. Experts have urged traders and investors to adopt a neutral strategy for the next 1-5 days to target a wider range.
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