The Indian stock market witnessed a strong rally today, driven by several key factors including the BJP-led Mahayuti alliance’s victory in the Maharashtra elections, a rebound in Adani stocks, a decrease in Foreign Institutional Investor (FII) selloff, and the MSCI index rejig.
As of 1:15 PM IST, the BSE Sensex surged by 790.34 points, reaching 79,907.45, while the NSE Nifty climbed 279.30 points to 24,186.55. Leading this rally were shares of Larsen & Toubro, SBI, and Adani Ports, with gains of 3.77%, 3.68%, and 3.12% respectively. The PSU Bank, Oil & Gas, and Realty sectors also saw notable increases.
Analysts attributed the rally to the BJP-led NDA securing a significant victory in Maharashtra, winning 233 out of 288 seats, thereby bringing stability after months of political uncertainty. The rebound in Adani stocks, which had suffered heavy losses due to allegations against the group, further boosted investor sentiment. Kranthi Bathini, Director of Equity Strategy at WealthMills Securities, stated, “If FIIs turn net buyers, we could see a strong rally.”
Positive sentiment surged as MSCI included companies such as BSE, Voltas, Alkem Laboratories, Kalyan Jewellers, and Oberoi Realty in the MSCI Global Standard Index, contributing to the market’s rally.
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