Sensex reclaims 80k mark; Nifty surges over 1 % post Maharashtra results

PTI Mumbai: Benchmark equity indices Sensex and Nifty surged more than 1 per cent on Monday, helped by a rally in blue-chip stocks and the BJP pulling off a stunning performance in Maharashtra, winning a record number of seats to propel the party-led ruling Mahayuti alliance to a landslide victory. Besides, heavy buying in capital goods, energy and banking stocks also boosted investor sentiments, traders said. Extending its previous day's sharp rally, the BSE benchmark Sensex jumped 992.74 points or 1.25 per cent to settle at 80,109.85. During the day, it soared 1,355.97 points or 1.71 per cent to 80,473.08. As many as 2,697 stocks advanced, 1,352 declined, and 165 remained unchanged. The NSE Nifty surged 314.65 points or 1.32 per cent to 24,221.90. "The ability of the market to surprise was evident in the 557 points spurt in the Nifty on Friday.

This sharp upswing will continue today assisted by the super NDA performance in Maharashtra. The political message from this election is huge and highly positive from the market perspective," VK Vijayakumar, Chief Investment Strategist, Geojit Financial Services, said. From the 30-share Sensex pack, Larsen & Toubro, State Bank of India, Adani Ports, Reliance Industries, Power Grid, ICICI Bank, HDFC Bank, Tata Consultancy Services, Kotak Mahindra Bank and Axis Bank were the biggest gainers. On the other hand, JSW Steel, Tech Mahindra, Infosys, Maruti, Asian Paints and HCL Tech were the laggards. Online food delivery giant Zomato will become a part of the benchmark BSE Sensex, replacing JSW Steel from December 23. This is part of the latest reconstitution announced by Asia Index Private Ltd, a subsidiary of BSE.

The BSE smallcap gauge jumped 1.86 per cent and the midcap index went up by 1.61 per cent. All sectoral indices ended higher. Industrials soared 3.29 per cent, capital goods (3.27 per cent), oil & gas (3.26 per cent), energy (2.56 per cent), realty (2.22 per cent), bankex (2.06 per cent), financial services (1.89 per cent) and healthcare (0.97 per cent). "Major state election results lifted market sentiment and increased the scope of stability in government spending in H2FY25 to meet the capex target. The rally was broad-based, while capex-linked sectors like infra, capital goods, and industrials outperformed in expectation of a surge in new order inflows. The prospects of H2 remain positive due to a good monsoon, festival, and marriage season, which could ease the impact of earnings downgrades that happened in Q2," Vinod Nair, Head of Research, Geojit Financial Services, said. The BJP on Saturday pulled off a stunning performance in Maharashtra, winning a record number of seats to propel the partyled ruling Mahayuti alliance to a landslide vicory.