BSE Sensex Hit Life-time High, up over 2000 points, Nifty50 above 23100 as Lok Sabha exit polls predict Modi victory

Is it the right time to gather profits (sell) and invest as Share Market hits life-time high in the morning trade?

by FighterMan Updated: 03 Jun, 2024, 12:13 IST
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BSE Sensex and Nifty50 have hit a Life-time High over 2000 and 23100 respectively in the opening trade today, Monday. This is the result of most Lok Sabha election exit polls indicating Modi to win for the 3rd time in a row! BSE Sensex scaled above the 76000 level while Nifty50 was above 23100!

BSE Sensex Hit Life-time High, up over 2000 points, Nifty50 above 23100 as Lok Sabha exit polls predict Modi victory

If the exit poll predictions prove to be accurate, it could lead to a significant surge in the stock prices of companies dubbed as "Modi stocks". These are businesses or sectors that have directly benefited from the policies and initiatives implemented by the government under the leadership of Prime Minister Narendra Modi. Investors seeking to capitalize on government-driven growth often find these stocks attractive.

The market capitalization of all listed companies on the BSE surged by Rs 11.1 lakh crore, reaching Rs 423.21 lakh crore. Expecting increased volatility ahead of the Lok Sabha election results on Tuesday, brokers have alerted investors about increased risk-containment measures that could get triggered automatically in case of sharp price movements.

An advisory from HDFC Securities said:-

“Considering the perceived volatility that could arise due to elections, you are requested to note the (following things). Monitor your leveraged positions in equity, equity derivatives segment and MTF (margin trading facility). Ensure that surplus funds are maintained in linked accounts or funds transferred to your trading account or additional shares placed on margin pledge to cover any adverse movements in the market,” the email advisory said. It also said that intraday trading products would attract a minimum margin of 40% for June 4, when the results will be declared”

Also, on May 31, NSE data showed that In the run-up to the election, volatility in the stock market increased manifold, with the past week recording a high of over two years. From a multi-year low of 10.2 on April 23, India VIX (the measure of market volatility) touched a high of 24.8.

As of 9:30 am today, Top gainers on BSE included Power Grid, NTPC, L&T, M&M, SBI, IndusInd Bank, and UltraTech Cement. Besides, top losers included Godfrey Phillips, Global Health, Fortis, GSK Pharma, Suven Pharma, Archean Chemical, and Bikaji Foods. Meanwhile, Adani group stocks added Rs 1.4 lakh crore market cap as exit polls predict NDA win with upto 16% gains!

FighterMan aka Sahil Hitesh Ajmera is a 4+ Years Experienced Content Writer with 1.2M+ User Sessions, 486.41% max growth, and 1000+ Articles across Best Products, OTT, Telecom, Online Shopping, Finance, Credit Cards, Saving Tips, Deals & Offers, more!
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