oppn parties Stock Markets Welcome Larger Majority For NDA In Exit Polls With Style, Indices End At Lifetime Highs

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  • Sikh extremists attacked a cinema hall in London that was playing Kangana Ranaut's controversial film 'Emergency'
  • A Delhi court directed the investigating agencies to senstize officers to collect nail clippings, fingernail scrappings or finger swab in order to get DNA profile as direct evidence of sexual attack is often not present and might result in an offender going scot free
  • Uniform Civil Code rules cleared by state cabinet, likely to be implemented in the next 10 days
  • Supreme Court reiterates that there is no point in arresting the accused after the chargesheet has been filed and the investigation is complete
  • Kolkata court sentences Sanjoy Roy, the sole accused in the R G Kar rape-murder case, to life term. West Bengal government and CBI to appeal in HC for the death penalty
  • Supreme Court stays criminal defamation case against Rahul Gandhi for his remarks against home minister Amit Shah in Jharkhand during the AICC plenary session
  • Government reviews import basket to align it with the policies of the Trump administration
  • NCLT orders liquidation of GoAir airlines
  • Archery - Indian archers bagged 2 silver in Nimes Archery tournament in France
  • Stocks make impressive gain on Monday - Sensex adds 454 points to 77073 and Nifty 141 points to 23344
  • D Gukesh draws with Fabiano Caruana in the Tata Steel chess tournament in the Netherlands
  • Women's U-19 T20 WC - In a stunning game, debutants Nigeria beat New Zealand by 2 runs
  • Rohit Sharma to play under Ajinkye Rahane in Mumbai's Ranji match against J&K
  • Virat Kohli to play in Delhi's last group Ranji trophy match against Saurashtra. This will be his first Ranji match in 12 years
  • The toll in the Rajouri mystery illness case rose to 17 even as the Centre sent a team to study the situation
Calling the case not 'rarest of rare', a court in Kolkata sentenced Sanjay Roy, the only accused in the R G Kar rape-murder case to life in prison until death
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Stock Markets Welcome Larger Majority For NDA In Exit Polls With Style, Indices End At Lifetime Highs

By Sunil Garodia
First publised on 2024-06-03 15:26:00

About the Author

Sunil Garodia Editor-in-Chief of indiacommentary.com. Current Affairs analyst and political commentator.

Unlike politicians (on the losing side), the media, political commentators and the general public, it seems that the stock market does not take the exit polls with a pinch of salt. Hence, despite the 'health' warning that such polls are not always correct and may even go horribly wrong at times, the Indian stocks markets witnessed a strong and broad-based rally on Monday, the first day the market opened after the exit polls were declared on completion of the last phase of voting on Saturday, June 1. On expectation of policy continuity, market stability and further reforms if NDA wins with the huge margin predicted by exit polls, the Sensex ended 2507 points higher and the Nifty was up by 733 points. Experts had predicted that there will be a strong rally on Monday but the fervour with which the bulls went after the scripts surprised even the most optimistic of the commentators. It was the single-largest gain for the markets in three years.

The markets opened strongly (Sensex opened at 76583, 2622 points higher than its Friday closing and although there was profit-taking at higher levels and some volatility, it never dipped below 75600 points in the entire trading session. All sectoral indices were in the plus with both Sensex and Nifty closing at all-time highs. Another big reason for the huge rally was the fact that GDP figures for FY24 surpassed all expectations signalling that the economy was doing much better than expected. The twin reasons saw the bears beating a hasty retreat and the bulls getting a firm grip on the market. The very fact that even though there was profit-taking at higher levels, the markets sustained their initial momentum shows that there were buyers even at the higher levels. This is good for the market as, if the results mirror the exit polls, the rally is likely to continue for a couple of trading sessions. And if the NDA crosses the 400 mark, the Sensex may even cross 78000 and may even go as high as 79000. But retail investors are advised to exercise caution and apply their best judgment before entering the markets at these high levels. 

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