Stock Market Surges as Exit Polls Indicate Modi Government’s Third Term
Stock market surges following exit polls indicating a potential third term for the Modi government.
The exit polls released on June 1, 2024, after the final phase of voting for the 18th Lok Sabha elections, suggest a possible third term for the Modi government. This speculation has positively impacted the domestic stock market on Monday, leading to significant gains in early trading.
At the opening of trading, the Bombay Stock Exchange (BSE)'s major index, Sensex, soared by approximately 2038 points to reach 75,967 points. Simultaneously, the National Stock Exchange (NSE)'s Nifty began trading at 23,151 points, a gain of 620 points.
Shares of These Companies Rose
As the stock market opened, shares of several companies listed on the Sensex saw notable increases. These companies include Adani Ports, Adani Enterprises, REC, Shriram Finance, HDFC AMC, HDFC Bank, SBI, Vodafone Idea, Canara Bank, PNB, IDFC First Bank, Adani Power, Jupiter Wagons, and Adani Green Energy. Conversely, shares of companies such as Dr Lal Path Lab, Ipca Lab, Eicher Motors, and Persistent experienced declines.
How Are Other Markets Performing?
In other global markets, the upward trend continued in Asian markets such as Japan's Nikkei, Hong Kong's Hang Seng, and America's Dow Jones. In contrast, gold prices showed weakness in both the international market and on the Multi Commodity Exchange (MCX). Additionally, crude oil prices softened, with international market prices at $76.92 per barrel and Brent crude at $81.07 per barrel.
