Stock Market: Sensex, NIFTY Post Massive Jump As Exit Polls Predict NDA's Return

The 30-share Sensex rallied nearly 2,500 points Monday, June 3, morning while the 50-stock Nifty recorded its biggest jump in four years during the market opening.

Outlook Web Desk

Updated on: 3 June 2024 9:49 am

The counting of votes for the Lok Sabha elections 2024 will take place on Tuesday, June 4. Photo: File image

The share market opened with a bang on Monday, June 3, posting a massive jump in the early trade after exit polls projected that the Narendra Modi-led NDA government will be back for a third consecutive term with a sweeping victory in the Lok Sabha elections 2024.

The counting of votes for the Lok Sabha elections 2024 will take place on Tuesday, June 4.

The 30-share BSE Sensex jumped 2,777.58 points or 3.75 per cent to hit a record peak of 76,738.89 in early trade. The NSE Nifty rallied 808 points or 3.58 per cent to hit a fresh all-time high of 23,338.70, said to be the biggest jump in four years during the market opening.

Exit polls on Saturday predicted that Prime Minister Narendra Modi will retain power for a third straight term, with the BJP-led NDA expected to win a big majority in the Lok Sabha polls.

ALSO READ | Exit Poll Results 2024: Modi Govt Set For 3.0, INDIA 'Bloc-ked', NDA Projected To Score 370-Plus

All the 30 Sensex companies were trading in the green. Power Grid, NTPC, Larsen & Toubro, State Bank of India, Axis Bank, IndusInd Bank, ICICI Bank and Mahindra & Mahindra were the biggest gainers.

India's economy grew by 8.2 per cent in the fiscal year that ended in March, cementing the country's position as the fastest-growing major economy in the world.

Most pollsters predicted close to or over 370 seats for the BJP-led National Democratic Alliance (NDA) in the Lok Sabha elections 2024, majority mark in which is 272. The NDA, however, seems to not be achieving its target of 400-plus seats, as per projections by most pollsters.

Exit poll projections were released on June 1 after the conclusion of Lok Sabha election voting.

Today's Chanakya exit poll agency and India Today-Axis My India exit poll projected that the BJP might hit the 400 milestone, and restricted the INDIA bloc to over 100 seats.

While the BJP has been aiming for 400-plus seats, the INDIA bloc is confident of proving the exit poll projections wrong and throwing the Narendra Modi-led dispensation out of power.