Business

Indian Equity Markets Close Higher Following Election Results

Indian equity benchmarks ended the trading session on a positive note, buoyed by election results that bolstered PSU stocks and fueled market optimism.

At the close, the Sensex rose by 584 points, or 0.72%, to reach 81,634, while the Nifty climbed 217 points, or 0.88%, finishing at 25,013.

The overall market sentiment was positive, with 3,020 shares gaining ground on the BSE, compared to 924 shares that declined, and 101 shares remaining unchanged.

Thanks to the sharp gains, the market capitalization of all companies listed on the Bombay Stock Exchange (BSE) surged by approximately ₹7 lakh crore, increasing from ₹452 lakh crore to ₹459 lakh crore.

Also Read: Ola Electric Faces Consumer Backlash As Shares Plummet

In the Sensex pack, the top gainers included Mahindra & Mahindra, Reliance, HDFC Bank, L&T, SBI, NTPC, UltraTech Cement, IndusInd Bank, Kotak Mahindra Bank, Asian Paints, HCL Tech, Infosys, and ICICI Bank. Conversely, Tata Steel, Titan, Bajaj Finserv, JSW Steel, Bajaj Finance, Tata Motors, Wipro, Hindustan Unilever, and ITC faced declines.

Midcap and small-cap stocks also saw buying interest, with the Nifty Midcap 100 index climbing 1,235 points, or 2.16%, to settle at 58,535, while the Nifty Smallcap 100 index rose 374 points, or 2.05%, to reach 18,617.

Rupak De, Senior Technical Analyst at LKP Securities, commented, “The Nifty has formed a bullish pattern on the daily timeframe, indicating rising optimism. The index has also moved above a critical moving average on the hourly timeframe, and the RSI has made a bullish crossover in the shorter timeframe, further supporting the positive outlook.”

He added, “In the near term, the index may approach the 25,350–25,400 range. On the downside, support is positioned at 24,850, and a break below this level could signal weakness.”

Richa Kaushik

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