Sensex Breaks Through 77000, Nifty Above 23400, Reaching New Heights

Following the swearing-in of the Modi government for a third term, upbeat emotion propelled the Indian stock market to unprecedented heights on Monday, marking a historic achievement. While the Nifty passed 23,400, the Sensex broke through 77,000 for the first time. Even though there was considerable selling pressure at higher levels, this important milestone was reached during the first trading hours.

Early Trading Results

The Sensex was down 61.05 points (0.07%) at 76,601.96, and the Nifty was down 13.31 points (0.06%) at 23,276.85 as of 9:58 AM. The markets demonstrated a strong start in spite of this slight drop. Reliance Industries, Axis Bank, Power Grid, SBI, and Kotak Mahindra Bank were major contributors to the Sensex’s all-time high. On the other hand, the index was under pressure from firms like as Infosys, TCS, HCL Tech, and Tech Mahindra.

Performance by Sector

Monday’s opening indices opened higher, with the exception of the Nifty IT. Due to positive monthly job data from the US that sparked worries about possible delays in the Federal Reserve’s interest rate reductions, the Nifty IT index suffered a 0.9% decrease in early trading.

Responding Markets to Modi 3.0

Positive optimism in the market was sparked by the inauguration of the Modi 3.0 government on Sunday at Rashtrapati Bhavan. The Bombay Stock Exchange (BSE) 30-share Sensex opened at 77,017, up 323.64 points on the first trading day following the swearing-in event. As soon as the markets opened, the National Stock Exchange’s (NSE) Nifty index also increased by 105 points. The week ended with a solid close for both the BSE Sensex and the Nifty, with the former closing at 76,693.41, up 1618.85 points (2.16%).

Market Open’s Top Picks

Approximately 2,196 shares opened in the green, 452 shares in the red, and 148 shares were unchanged during the market’s lively opening. Not long after opening, the Sensex reached a record-breaking high of 77,079.04.

Leading Winners and Losers

Adani Ports, Power Grid Corp, Bajaj Auto, Coal India, and Shriram Finance were a few of the top performers on the Nifty index. Conversely, equities belonging to the Tech Mahindra, Infosys, Dr. Reddy’s Labs, LTIMindtree, and Hindalco groups saw decreases.

Ambani and Adani Equities

The equities of Indian billionaires Gautam Adani and Mukesh Ambani’s businesses saw significant increases. Reliance Industries’ stock increased by almost 1%, while Adani Enterprises, Adani Ports, and Adani Power shares also saw strong trading. Power Grid increased by 3.65%, UltraTech Cement by 2.36%, and Axis Bank by 1.74% in the large-cap category. Mid-cap stocks had increases of 3.14%, 3.46%, and 3.00% for Patanjali, Whirlpool, IDBI, and Bank of India, respectively. Reliance Infra saw an 11% increase in shares, and Wardinmobi saw a 20% increase among small-cap businesses.

The optimistic outlook for the stock market is a reflection of investor faith in the economic policies that Prime Minister Narendra Modi would continue to pursue. Notwithstanding the short-term swings impacted by outside economic data, the Sensex and Nifty’s noteworthy milestones point to a positive market outlook.