In the wake of the Bharatiya Janata Party's (BJP) significant victories in key state elections, India's benchmark indices, Sensex and Nifty, soared to unprecedented levels on Monday. Bolstered by robust domestic macroeconomic data and heightened expectations of a US rate cut in March, the market opened at fresh all-time highs, indicating a surge in momentum following the BJP's electoral success.
The NSE Nifty 50 index demonstrated remarkable strength, registering a 1.65% rise to reach 20,602.50 points, achieving a record high for the second consecutive session. Simultaneously, the S&P BSE Sensex exhibited a substantial increase of 1.64%, reaching an all-time high of 68,587.82 as of 9:16 a.m. IST.
Market analysts attribute this surge to a combination of favorable domestic economic indicators and the positive sentiment generated by the BJP's triumph in three key states. The electoral success has evidently resonated positively with investors, contributing to the buoyancy witnessed in the benchmark indices.