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A day after the sharp decline following Lok Sabha election results on Tuesday, India’s equity markets recovered impressively, with the NSE setting a world record by handling 1,971 crore transactions in a single day. As Nifty crossed 22,000 points and the Sensex surpassed 1,772 points, investors were richer by Rs 13.22 lakh crore.
“Despite the reduced majority, we expect the policy agenda of Modi 2.0 (investment-led growth, capex, infrastructure creation, manufacturing, etc.) to continue, although with some tweaks. We also expect some populist measures to address rural stress and lift sentiments at the margin, given the nature of the verdict,” said a report by Motilal Oswal Research, as it became clear by the close of trading on Wednesday that the return to office of Prime Minister Narendra Modi-led NDA alliance for a record third term had driven the markets to bounce back.
NSE ON A HIGH
At the National Stock Exchange of India, the flagship Nifty50 index surged by 736 points to finally settle 3.36 per cent higher at 22,620 points. Ashish Chauhan, CEO of NSE, took to X and posted the news of the world record that the bourse had set.
“@nseindia handled the highest ever — world record — number of transactions in a single day today on June 5,2024 in a 6 hours and 15 minutes (915 am to 330 pm) single trading day- 1971 crore (19.71 billion) orders per day; 28.55 crore (280.55 million) trades per day,” @ashishchauhan wrote on X.
INDIA’S FIRST EV INDEX LAUNCHED
The NSE’s subsidiary, NSE Indices Limited, also launched India’s first index to track the electric vehicle (EV) and new-age automobile segment.
“We’re thrilled to announce that NSE Indices has launched Nifty EV & New Age Automotive Index today. The Nifty EV & New Age Automotive Index aims to track the performance of companies which form a part of the EV ecosystem or are involved in the development of new age automotive vehicles or related technology,” the exchange said in a release.
SENSEX SOARS
The 30-share BSE Sensex was on a rise, too, after Tuesday’s dismal show. Sensex rose 1,772.04 points to scale 73,851.09 at the close of trading on Wednesday. Market capitalisation of BSE-listed companies jumped to the vicinity of Rs 408 lakh crore from around Rs 395 lakh crore.
Asian Paints, Hindustan Unilever, IndusInd Bank, Kotak Mahindra Bank, Mahindra & Mahindra and Nestle were the big gainers among the BSE Sensex companies while Larsen & Toubro, Power Grid and State Bank of India were losers.