From the 30-share Sensex pack, Larsen & Toubro, State Bank of India, Adani Ports, Reliance Industries, Power Grid, ICICI Bank, HDFC Bank, Tata Consultancy Services, Kotak Mahindra Bank and Axis Bank were the biggest gainers. 
| Photo Credit: Reuters

Benchmark equity indices Sensex and Nifty surged more than 1% on Monday (November 25, 2024), helped by a rally in bluechip stocks and the BJP pulling off a stunning performance in Maharashtra, winning a record number of seats to propel the party-led ruling Mahayuti alliance to a landslide victory.

Extending its previous day’s sharp rally, the BSE benchmark Sensex jumped 992.74 points or 1.25% to settle at 80,109.85. During the day, it soared 1,355.97 points or 1.71% to 80,473.08. The NSE Nifty surged 314.65 points or 1.32% to 24,221.90.

From the 30-share Sensex pack, Larsen & Toubro, State Bank of India, Adani Ports, Reliance Industries, Power Grid, ICICI Bank, HDFC Bank, Tata Consultancy Services, Kotak Mahindra Bank and Axis Bank were the biggest gainers. On the other hand, JSW Steel, Tech Mahindra, Infosys, Maruti, Asian Paints and HCL Tech were the laggards.

Online food delivery giant Zomato will become a part of the benchmark BSE Sensex, replacing JSW Steel from December 23. This is part of the latest reconstitution announced by Asia Index Private Limited, a subsidiary of BSE.

“The ability of the market to surprise was evident in the 557 points spurt in the Nifty on Friday (November 22, 2024.) This sharp upswing will continue today assisted by the super NDA performance in Maharashtra. The political message from this election is huge and highly positive from the market perspective,” V.K. Vijayakumar, Chief Investment Strategist, Geojit Financial Services, said.

The BJP pulled off a stunning performance in Maharashtra, winning a record number of seats to propel the party-led ruling Mahayuti alliance to a landslide victory, while the INDIA bloc stormed back to power in Jharkhand on the back of a spectacular showing by the Jharkhand Mukti Morcha.

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In Asian markets, Seoul and Tokyo settled higher, while Shanghai and Hong Kong ended in the red. European markets were trading in the green. The U.S. markets ended in positive territory on Friday (November 22, 2024.) Global oil benchmark Brent crude dipped 0.40% to $74.87 a barrel.

Foreign Institutional Investors (FIIs) offloaded equities worth ₹1,278.37 crore on Friday (November 22, 2024,) according to exchange data. The BSE benchmark jumped 1,961.32 points or 2.54% to settle at 79,117.11 on Friday. The Nifty soared 557.35 points or 2.39% to 23,907.25.