Jun 03, 2024 10:49 AM IST
The BSE m-cap surged to 4,23,71,233 crore from ₹4,12,12,881 crore on Friday as BSE Sensex climbed 2,777.58 points to hit an all-time high.
The BSE Sensex and the NSE Nifty were at fresh record highs today which added nearly ₹12 lakh crore to the BSE market capitalisation (m-cap) as almost all exit polls predicted the BJP-led NDA’s seat wins in the 350-400 range. This comes after stock market investors trimmed expectations on BJP or NDA seat counts owing to lower turnout in the first few phases of Lok Sabha elections 2024.
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Today, the BSE m-cap surged to 4,23,71,233 crore from ₹4,12,12,881 crore on Friday as BSE Sensex climbed 2,777.58 points to hit an all-time high of 76,738.89 and Nifty hit its record high of 23,338.70. VIX- which suggests likely volatility in market over the next 30 days- plunged 20 per cent to 19.2 per cent.
Lok Sabha election results: What Nomura India predicted on stock market
Nomura India said, “We expect the equity market to react positively in the near term in case the exit poll results translate into actual results on 4 Jun 2024. The market movements in the past elections suggest that the market tends to do well going into the election and after the election the returns tend to be relatively lower. We note that unlike in the past elections, the outperformance of Indian equity markets to other benchmark indices such as the S&P and MSCI EM is lower this time.”
Adani Group stocks see ₹1.4 lakh crore gain today, zoom 16% as exit polls predict PM Modi’s return
Kotak Institutional Equities said it finds very little value in the market and finds most sectors and stocks overvalued relative to the fair value of the stocks. It said, “Many narrative and PSU stocks are trading at outlandish multiples and are factoring in optimistic volume and profitability assumptions. A large BJP victory may sustain rich-to-bubble multiples in parts of the market (automobiles, capital goods, PSUs) for longer, but we would be surprised if many of the lofty embedded expectations come to fruition.”
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