Sensex Rises 1,384 Pts To New High In Bull Charge

Nifty50 also takes wing to reach fresh high

- SUNDAR SETHURAMAN

The Indian equity benchmarks soared to unprecedented heights on Monday. The catalysts were the recent state election results, which further built hopes among investors of continuity of government at the Centre after the Lok Sabha polls next year.

The bulls, already invigorated by the prospect of imminent rate cuts by the US Federal Reserve, bought shares across the board, propelling the combined market cap of all BSE-listed firms by ₹5.8 trillion.

The Sensex climbed 1,384 points (a 2.05 per cent increase) to close the session at 68,865; the Nifty50 rose by 419 points (a 2.1 per cent gain) to end at 20,687. For both indices, this marked the most significant single-day gain in nearly 14 months. Moreover, the Sensex and the Nifty50 reached fresh highs on both intraday and closing bases.

The Bharatiya Janata Party (BJP) emerged victorious in three state elections by retaining Madhya Pradesh and wresting Chhattisgarh and Rajasthan from the Congress. The BJP's performance surpassed expectations, as the elections were widely considered a close fight in three states.