In a remarkable turnaround, the Indian share market surged to record highs just days after experiencing significant turmoil during vote counting.
The 30-share Sensex soared over 1,600 points, reaching an all-time high of 76,787 points, while the Nifty also saw a substantial increase of over 450 points throughout the day.
This surge marks the third consecutive session of gains following the initial tumult sparked by vote counting trends. The Sensex, India’s benchmark index, has seen a remarkable increase of 2,995.46 points or 4.15% in the past two sessions, effectively erasing most of the losses incurred on the counting day.
Today, all Sensex stocks witnessed positive movement, with notable gains seen in companies like Wipro, Infosys, Tech Mahindra, Bajaj Finserv, Tata Steel, and Tata Consultancy Services.
The positive momentum in the market came after the Reserve Bank of India (RBI) announced its decision to maintain the policy rate unchanged at 6.5% for the eighth consecutive time. The RBI emphasized its commitment to closely monitor inflationary pressures.
The recent market volatility stemmed from uncertainty surrounding the Lok Sabha elections, particularly as the Bharatiya Janata Party (BJP) did not secure a clear majority. However, the market sentiment has rebounded, fueled by value buying and optimism following exit polls predictions.
Meanwhile, Asian markets closed on a mixed note, with Seoul witnessing gains while Tokyo, Shanghai, and Hong Kong reported slight declines.
The recent market movements underscore the inherent volatility and unpredictability in financial markets. Despite the ups and downs, investors remain cautiously optimistic about the future trajectory of the Indian economy and the stock market.
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