Sensex, Nifty Zoom As BJP-Led Mahayuti Alliance Sweeps Maharashtra

Benchmark equity indices Sensex and Nifty surged in early trade on Monday, helped by across-the-board rally and the BJP pulling off a stunning performance in Maharashtra winning a record number of seats to propel the party-led ruling Mahayuti alliance to a landslide victory.

Extending its previous day's sharp rally, the BSE benchmark Sensex jumped 1,289.89 points to 80,407 in early trade. The NSE Nifty surged 405.25 points to 24,312.50.

From the 30-share Sensex pack, Mahindra & Mahindra, Larsen & Toubro, State Bank of India, Reliance Industries, ICICI Bank and Bajaj Finance were the biggest gainers.

JSW Steel and Infosys were the laggards.

"The ability of the market to surprise was evident in the 557 points spurt in the Nifty on Friday. This sharp upswing will continue today assisted by the super NDA performance in Maharashtra. The political message from this election is huge and highly positive from the market perspective," V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services, said.

The BJP on Saturday pulled off a stunning performance in Maharashtra winning a record number of seats to propel the party-led ruling Mahayuti alliance to a landslide victory while the INDIA bloc stormed back to power in Jharkhand on the back of a spectacular showing by the JMM.

In Asian markets, Seoul and Tokyo were trading higher while Shanghai and Hong Kong were quoting lower.

The US markets ended in positive territory on Friday.

"Sentiment is expected to remain positive following the BJP-led alliance's significant victory in the Maharashtra assembly elections, along with a rally in global markets," Vikas Jain, Head of Research, Reliance Securities, said.

Global oil benchmark Brent crude dipped 0.37 per cent to USD 74.89 a barrel.

Foreign Institutional Investors (FIIs) offloaded equities worth Rs 1,278.37 crore on Friday, to exchange data.

The BSE benchmark jumped 1,961.32 points or 2.54 per cent to settle at 79,117.11 on Friday. The Nifty soared 557.35 points or 2.39 per cent to 23,907.25.