Stock market surged to record high amid exit polls prediction

In the wake of the largest democratic general elections of Lok sabha the stock exchange market has made to surge the investors’ wealth hiked to Rs 12.48 lakh crore in morning trade on June 3 as the benchmark equity index Sensex hit its lifetime high soon after the exit polls predicted a massive win for the BJP-led NDA in the Lok Sabha polls.

The 30-share BSE Sensex jumped 2,777.58 points or 3.75% to hit a record peak of 76,738.89 in early trade on Monday morning.

As per source, Exit polls on June 1 predicted that Prime Minister Narendra Modi will retain power for a third straight term, with the BJP-led NDA expected to win a big majority in the Lok Sabha polls. The counting of votes will take place on June 4.

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Subsequently, there has been a huge rally in equities with the market capitalization of BSE-listed companies climbing to Rs 12,48,952.68 crore to hit an all-time peak of Rs 4,24,61,833.82 crore ($5.10 trillion) during the morning trade.

All the 30 Sensex companies were trading in the green. Power Grid, NTPC, State Bank of India, Larsen & Toubro, Mahindra & Mahindra, IndusInd Bank, and Axis Bank were the biggest gainers from the Sensex pack.

The Nifty PSU Bank index continues to be the top gainer among sectoral indices, up 8.22%. All 12 stocks in the index are trading with gains.

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Among PSBs, Central Bank shares are up 11.99%, making it the top Nifty smallcap gainer.

Additionally, shares of NCC Ltd the Hyderabad-based construction company hit a record high of Rs 313 in today’s trading session, having gained as much as 9%. With Monday’s surge, the stock has surged nearly 85% so far in 2024.

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