Indian shares began the week with a record-shattering rally on Monday, with the Sensex surging over 1,000 points and Nifty reclaiming 20,500 as early trends indicated BJP securing big wins in Gujarat and Himachal polls.
Banking, auto, and metal stocks saw robust buying while IT and media shares witnessed mild profit-taking after the strong opening.
The 30-share BSE Sensex was trading at 68,450 levels with ICICI Bank, SBI, L&T, NTPC, and M&M being the top performers.
The 50-share NSE barometer Nifty 50 hit a new lifetime high of 20,550 in early deals, boosted by the forecast of a stable government for the next five years.
The BJP is eyeing a seventh straight term in Gujarat and aims to buck anti-incumbency in Himachal to retain power. Experts said the strong electoral mandate may bolster reform momentum and hasten economic recovery.
Sectorally, the Nifty PSU Bank surged nearly 4%, while auto, media, metal, and realty indices gained between 1-3% amid the market euphoria.
Global sentiment was however mixed amid recession worries in the West and uncertainties around the China reopening. Crude oil prices also eased over 1% on demand concerns.
