Exit polls drive Sensex up 3%, investors richer by Rs 13.7L cr

Sandeep Dikshit

New Delhi, June 3

In the first reaction of the bourses to the exit polls predicting a landslide win for the BJP-led NDA, benchmark Sensex and Nifty zoomed more than 3 per cent on Monday, their biggest single-day gain in three years, making investors richer by Rs 13.78 lakh crore.

The 30-share BSE Sensex soared by 2,507.47 points to settle at a new closing peak of 76,468.78 points with 25 of its constituents ending in the green. The NSE Nifty climbed 733.20 points to finish at 23,263.90.

Among the Sensex companies, NTPC, State Bank of India and Power Grid jumped over 9 per cent each. Larsen & Toubro, Axis Bank, Reliance Industries, UltraTech Cement, Mahindra & Mahindra, IndusInd Bank, ICICI Bank and Tata Steel were the other big gainers.

The combined market capitalisation of all BSE Sensex firms crossed $5 trillion to touch Rs 424 lakh crore ($5.1 trillion). The market capitalisation of the State Bank of India crossed the Rs 8 lakh crore mark after the bank’s shares surged to a record high of Rs 907. The State Bank of India is now the third-largest bank in India by market cap, very close to ICICI Bank, which is the second largest.

The shares of all Adani Group companies continued their rally, taking their combined market valuation to Rs 19.42 lakh crore. Adani Power surged nearly 16 per cent, Adani Ports by 10 per cent and flagship Adani Enterprises by over 6 per cent.

The steady exit of foreign institutional investors (FIIs) from the stock market in recent past made no difference to the bullish sentiment. The sentiment was also boosted after the Centre reporting FY23-24 GDP growth at a rapid 8.2 per cent. “Dalal Street rejoiced as exit poll results drove Nifty and Sensex to new all-time highs. This period of bullish market sentiment fosters growth opportunities and rewards patient investors,” said Arvind Kothari, founder of scrip analysts Niveshaay.

The exit polls on Saturday predicted that Prime Minister Narendra Modi will retain power for the third straight term, with the BJP-led NDA expected to win a big majority in the Lok Sabha elections.

Biggest single-day gain in 3 years

• Benchmark indices Sensex & Nifty close at new all-time highs of 76,468.78 and 23,263.90
• Investors richer by Rs 13.78 lakh crore as markets record biggest single-day gain in three years
• Combined market cap of Sensex companies touches Rs 424L crore
• Market cap of Adani Group companies rises to Rs 19.42 lakh cr
• PSUs, power, utilities, oil, energy indices soar up to 8 per cent