In the wake of Narendra Modi's third term as India's Prime Minister, the nation's stock market indices witnessed a remarkable surge today. Led by prominent players such as Reliance Industries Ltd and Axis Bank Ltd, the benchmark indices hit fresh highs soon after the market opened on June 10.
Impressive Performance and Milestones
Reports indicate that by 09:21 a.m., the NSE Nifty 50 had climbed by 91.90 points or 0.39%, reaching 23,382.05. Simultaneously, the BSE Sensex rose by 233.11 points or 0.30% to 76,926.47. Notably, the Nifty 50 achieved a new high of 23,411.90, while the Sensex soared to an all-time high of 77,079.04, signaling robust investor confidence. Within the Nifty, major gainers included Adani Ports, Power Grid Corp, Bajaj Auto, Coal India, and Shriram Finance. Conversely, Tech Mahindra, Infosys, Dr. Reddy's Labs, LTIMindtree, and Hindalco emerged as the notable losers. However, all sectoral indices, excluding IT and metal, demonstrated positive trading trends, underlining broad-based market optimism.
Political Allegations and Market Resilience
In a separate development, Congress leader Rahul Gandhi leveled accusations against Prime Minister Modi and Home Minister Amit Shah, alleging their direct involvement in what he described as the country's largest "stock market scam." Despite the political turbulence, the market remained resilient, posting gains for three consecutive days until June 7, erasing losses incurred on June 4. Elsewhere, global markets experienced fluctuations amidst geopolitical tensions and economic developments. The euro weakened following French President Emmanuel Macron's announcement of snap elections, while markets in China, Hong Kong, Taiwan, and Australia remained closed for holidays. Additionally, rising yields on 10-year Treasuries and stabilizing oil prices further underscored the complex interplay of global factors influencing market dynamics.
India's stock market has exhibited remarkable resilience and strength in the aftermath of significant political events and amidst global uncertainties. As investors continue to navigate through evolving scenarios, the market's ability to weather challenges and achieve new milestones reflects its underlying stability and potential for growth. With continued vigilance and adaptability, stakeholders can capitalize on emerging opportunities, contributing to the sustained development of India's financial landscape.
Share
Tweet
