Indian stock markets rallied this morning after the BJP-led NDA secured a massive victory in the assembly elections in Maharashtra, which houses the country’s financial capital Mumbai.
Stocks of the Adani Group also opened higher after a sharp sell-off triggered by allegations of a $250 million bribery scheme which the conglomerate categorically denied, calling them “baseless”.
The BSE Sensex index opened at 80,193.47 points and surged about 1,300 points till 11 am, while the Nifty 50 index gained more than 346.30 points to open at 24,253.55 points.
Both the benchmarks rose about 1.5% on Friday as well, which was their best session since early June. 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.
All 13 major sectors logged gains. The broader, more domestically focused small- and mid-caps rose about 2% each.
Most of the Adani Group stocks rose at open with Adani Energy Solutions surging nearly 7 per cent.
The stock of Adani Green Energy soared 6.42 per cent, Adani Total Gas surged 5.33 per cent, Adani Ports climbed 4.64 per cent and Adani Power rallied 4.17 per cent on the BSE.
Shares of Adani Enterprises went up by 4 per cent, Adani Wilmar (3.23 per cent), ACC (3 per cent) and Ambuja Cements (2.71 per cent) on the BSE.
The BJP pulled off a stunning victory in Maharashtra on Saturday, winning a record number of seats to propel the party-led ruling Mahayuti alliance to a landslide victory.
Meanwhile, in Asian markets, Seoul and Tokyo were trading higher while Shanghai and Hong Kong were quoting lower.
