Equity benchmarks opened sharply higher on Monday, with the BSE Sensex crossing the 80,000 mark, driven by the BJP’s victory in Maharashtra elections and positive global cues.
The Sensex opened strongly at 80,193.47 from its previous close of 79,117.11 and has climbed further, trading at 80,263.36 as of 10.00 am, up by 1,146.25 points or 1.45 per cent. Similarly, the Nifty opened higher at 24,253.55 against its previous close of 23,907.25 and is currently at 24,265.70, rising by 358.45 points or 1.50 per cent.
“The political message from this election is huge and highly positive from the market perspective,” said Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
The GIFT Nifty indicated a strong start, trading 391 points or 1.6 per cent higher in early deals, reflecting the broader market optimism. The positive sentiment was further bolstered by a rally in global markets and Donald Trump’s selection of Scott Bessent as Treasury Secretary.
“Maharashtra’s contribution of nearly 15 per cent to India’s GDP, along with Mumbai as the financial hub, suggests that political stability in the state will significantly boost investor confidence,” noted Vikas Jain, Head of Research at Reliance Securities.
Among sectors, banking and IT stocks led the gains. The Nifty Bank index showed strength above 51,100, with analysts projecting resistance at 52,000-52,200 levels.
In terms of individual stocks, Shriram Finance emerged as the top gainer on NSE, surging 5.22 per cent, followed by defense major BEL at 5.15 per cent. Oil marketing company BPCL rose 4.53 per cent, while infrastructure giant L&T and oil explorer ONGC gained 3.84 per cent and 3.73 per cent respectively. The losses were led by JSW Steel, which declined 1.88 per cent, while IT major Infosys fell 0.66 per cent and pharmaceutical company Dr Reddy’s slipped marginally by 0.04 per cent.
Gold prices continued their upward trajectory, reaching $2,710 per ounce, marking a 1.5 per cent increase amid escalating Russia-Ukraine tensions. “Gold and silver recorded significant gains last week, with gold rising over 5.0 per cent, marking its largest weekly increase in a year,” said Rahul Kalantri, VP Commodities at Mehta Equities.
Oil markets also showed strength, with Brent crude gaining 2 per cent to trade above $75 per barrel, supported by geopolitical tensions.
The technical outlook remains positive, according to analysts. “The 14-period RSI has shown a positive crossover from the oversold territory, aligning with the significant historical support of the 200-day simple moving average,” said Sameet Chavan, Head Research at Angel One.
“Seasonality trends between now and the end of the year have been historically positive, with the Nifty rising 80 per cent of the time during this period with an average return of over 4 per cent,” added Akshay Chinchalkar, Head of Research at Axis Securities.
Foreign Institutional Investors (FIIs) remained net sellers, offloading equities worth ₹1,278.37 crore, while Domestic Institutional Investors (DIIs) were net buyers at ₹1,722.15 crore in the previous session.
The market breadth favored bulls, with infrastructure, capital goods, and financial stocks showing particular strength. Analysts identify immediate resistance for Nifty at 24,400-24,800 levels, with support at 23,500-23,350.