The Indian stock market rose on Monday after the BJP-led government got majority in the latest state elections in Maharashtra. The Nifty 50 index opened more than 1.45 per cent or 346.30 points higher at 24,253.55, while the BSE Sensex index opened 1,076 points or 1.36 per cent higher at 80,193.47.
Experts said that the election results have an impact on the market today and if past trends are followed then the market may see some rise amid the comeback of BJP in Maharashtra state elections.
A sharp rise has been registered in all the shares of Adani Group today. There has been tremendous growth in Adani Group’s flagship company Adani Enterprises including Adani Power, Adani Green Energy, Adani Total Gas. In Nifty, major stocks like Shriram Finance, M&M, Bharat Electronics, Adani Enterprises and BPCL have registered strong gains. Apart from this, BSE Midcap and Smallcap indices have also seen a rise of 1.5%.
The main reason for this rise in the stock market is the big victory of the BJP alliance in the Maharashtra Assembly elections. Mahayuti’s bumper victory in Maharashtra has increased the confidence of investors. Apart from this, the positive trend in global markets is also supporting the Indian market. However, global political uncertainty and continued selling by foreign investors are still a matter of concern for the market.
