Sectoral Indices Soar: PSU Banks, Realty, Energy, and Commodities Lead with 4%-6% Gains!

 In a buoyant trading session, the Sensex jumped 2,023.64 points (2.73%) to 75,977.17 and the Nifty 50 rose 609.70 points (2.71%) to 23,136.85 by 11 am, driven by positive investor sentiment after exit polls indicated a potential BJP victory. Opening at record highs, the Nifty 50 advanced by 3.58% (807.20 points) to 23,337.70 and the Sensex surged by 3.55% (2,621.98 points) to 76,583.30. The Nifty Bank surpassed 50,000 for the first time, reflecting strong market confidence.

Investor enthusiasm following the exit polls led to a marginal decline in Indian government bond yields, with the 10-year yield dropping to 6.9541%. The GIFT Nifty also showed a strong start, rising 850.50 points (3.75%) to 23,538.50 at the opening bell, though it later traded 608.50 points higher at 23,296.50. The currency market mirrored this positive trend, with the Indian rupee opening stronger at 82.99 against the US dollar, compared to the previous close of 82.46. Meanwhile, the dollar index fell slightly by 0.04% to 104.63.

Analysts point to two key events impacting the market this week: the general election results on June 4 and the RBI's interest rate decision on June 7. Exit polls on Saturday forecast a third term for Prime Minister Narendra Modi, with the BJP-led NDA expected to secure between 350-401 seats. In the US, stock futures closed mixed ahead of the June trading session. The Dow Jones Industrial Average rose by 574.84 points to 38,686.62, while the Nasdaq Composite dipped slightly by 2.06 points to 16,735.01, despite marking its best month since November 2023 with a 6.9% rise.