Sensex soars by nearly 1,200 points following MahaYuti’s landslide victory in Maharashtra

Sensex, Nifty soar after Mahayuti’s ‘Maha’ win

Indian stock markets surged in early trading on Monday, with the Sensex crossing the 80,000 mark for the first time, fueled by the resounding victory of the BJP-led MahaYuti alliance in Maharashtra’s recent Assembly elections.

The Sensex jumped by 1,173.91 points, or 1.48%, to reach 80,291.02, while the Nifty climbed 367.00 points, or 1.54%, to 24,274.30. Market breadth was overwhelmingly positive, with 2,371 shares advancing, 292 declining, and 121 remaining unchanged.

Key stocks that drove the gains included Adani Enterprises, Shriram Finance, M&M, Bharat Electronics, and BPCL, all posting significant increases. Conversely, JSW Steel was the top laggard among Nifty stocks.

All sectoral indices were in the green, with gains of 1-2% seen across the auto, banking, media, telecom, oil and gas, power, and realty sectors. Both BSE midcap and smallcap indices also rose by 1.5% each.

Market analysts attributed the rally to the political developments in Maharashtra, noting that the election results sent a positive signal to investors. According to experts, the sharp rise in stock prices was a reflection of the market’s optimism surrounding the strong performance of the NDA in the state.

“The political message from the Maharashtra election is hugely positive for the market. The sharp rally we’re seeing is part of a broader upswing, further supported by the stellar performance of the NDA,” said a market expert.

Banking and IT stocks are expected to continue performing well, bolstered by fair valuations and strong growth potential, while analysts are also optimistic about capital goods, telecom, and pharma stocks.

Akshay Chinchalkar, Head of Research at Axis Securities, pointed out that the Nifty’s ability to hold the 23,200 level last week sets the stage for further upward movement, with the next target potentially reaching 24,500. “Seasonality trends suggest a positive outlook for the remainder of the year, as the Nifty has risen 80% of the time during this period, with an average return of over 4%,” Chinchalkar added.

On November 22, Indian indices posted their biggest single-day gains in over five months, driven by broad-based buying across sectors and a recovery in Adani Group stocks.

This market surge follows a robust rebound in the previous session, further solidifying investor confidence in the nation’s economic prospects.

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