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Market milestone: Nifty, Sensex hit record highs following PM Modi's historic third-term oath

The Nifty 50 index soared to an unprecedented high, driven by robust gains across various sectors. Leading the charge were stocks in the IT, financial, and consumer goods sectors, which showed significant upward momentum.

Edited By: Nitin Kumar @Niitz1 New Delhi Updated on: June 10, 2024 14:10 IST
Markets
Image Source : PTI Markets at all-time high: Nifty and Sensex reach record levels

India's benchmark indices reached new heights shortly after markets opened on June 10, led by gains in Reliance Industries Ltd and Axis Bank Ltd. This surge followed Narendra Modi's swearing-in as Prime Minister for a third term on Sunday. As of 09:21 a.m., the NSE Nifty 50 rose by 91.90 points (0.39%) to 23,382.05, and the BSE Sensex increased by 233.11 points (0.30%) to 76,926.47. Both indices hit record levels, with the NSE Nifty 50 reaching 23,411.90 and the Sensex climbing to 77,079.04.

Top gainers and losers

Among the major gainers on the Nifty were Adani Ports, Power Grid Corp, Bajaj Auto, Coal India, and Shriram Finance. Conversely, the biggest losers included Tech Mahindra, Infosys, Dr. Reddy's Labs, LTIMindtree, and Hindalco.

Sectoral performance

Most sectoral indices traded in the green, except IT and metal sectors, which faced declines.

Driving factors

The surge is attributed to several factors, including the Reserve Bank of India's (RBI) upward revision of GDP growth projection to 7.2% for 2024–25, up from the previous estimate of 7%. Additionally, fresh inflows from foreign funds have bolstered market confidence.

Political context

This market rally coincides with Narendra Modi's swearing-in as Prime Minister for a record-equalling third term. The 72-member Union Council of Ministers under his leadership emphasizes continuity, youth, and experience, rewarding partners in the BJP-led National Democratic Alliance (NDA) government.

Market trends

Despite the early surge, the benchmarks faced volatile trends and were trading flat later in the session.

Foreign investments

Foreign Institutional Investors (FIIs) purchased equities worth Rs 4,391.02 crore on Friday, according to exchange data.

Global market movements

Asian Markets: Tokyo traded in the green, while Seoul was lower.

US Markets: Ended lower on Friday.
Oil Prices: Global oil benchmark Brent crude rose by 0.31%, reaching USD 79.87 per barrel.

Previous close

On Friday, the BSE benchmark ended at 76,693.36, up 1,618.85 points or 2.16%. The Nifty concluded with a gain of 468.75 points or 2.05%, settling at 23,290.15.

Also read | Ramoji Rao, founder of world's largest film production facility, dies at 87: Who was he?

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