Sensex Soars Nearly 1,200 Points as MahaYuti Secures Landslide Win

The Indian equity markets surged on Monday morning, with the Sensex crossing the 80,000-mark following the BJP-led MahaYuti alliance’s decisive victory in Maharashtra.

The Sensex jumped 1,173.91 points, or 1.48%, to reach 80,291.02, while the Nifty climbed 367.00 points, or 1.54%, to 24,274.30. Market breadth was overwhelmingly positive, with 2,371 stocks advancing, 292 declining, and 121 remaining unchanged.

Top Nifty gainers included Adani Enterprises, Shriram Finance, M&M, Bharat Electronics, and BPCL. On the other hand, JSW Steel was the only significant laggard.

All sectoral indices were in the green, with auto, banking, media, telecom, oil & gas, power, and real estate sectors posting gains of 1-2%. The BSE midcap and smallcap indices also rose by 1.5% each.

Market analysts attributed the rally to investor optimism sparked by the political outcome.

“This sharp upswing is being driven by the BJP-led NDA’s strong performance in Maharashtra. The election results carry a positive political message, which is favorable for the market,” experts noted.

Banking and IT stocks continued to perform well, supported by attractive valuations and promising growth potential. Analysts also suggested keeping an eye on capital goods, telecom, and pharma stocks.

Akshay Chinchalkar, Head of Research at Axis Securities, highlighted that the Nifty’s resilience above the key 23,200 level last week suggests room for further upside.

“There’s potential for the index to extend its rally toward 24,500, especially after the Thursday low turned into a classic bear trap. Additionally, historical trends show that the Nifty tends to rise in the final months of the year, delivering an average return of over 4%,” he said.

Last week, Indian markets logged their largest single-day gains in over five months, buoyed by sector-wide buying and a rebound in Adani Group stocks.

(With inputs from IANS)