Stock market surges on election trends, Sensex jumps 750 points, Nifty crosses 24,200
Sensex and Nifty update: Indian equity markets traded firmly in the green on May 4, buoyed by early trends emerging from Assembly elections in five states and supportive global cues.
The BSE Sensex was up by around 750 points, or 0.94%, hovering near the 77,700 mark during the session. The NSE Nifty also advanced close to 250 points, or 0.92%, crossing the 24,200 level.
Buying interest was most visible in real estate, metal and public sector banking stocks, while IT and media shares faced selling pressure.
Market participants appeared encouraged by initial election trends from Assam, Kerala, Tamil Nadu, West Bengal and Puducherry. Investors typically prefer a clear political mandate, which is often seen as a sign of policy stability.
Positive momentum in Asian markets further lifted sentiment back home. Key indices in Japan, South Korea and Hong Kong were trading with gains, lending support to domestic equities.
Another factor aiding the rally was a decline in crude oil prices. Brent crude slipped below the $110 per barrel mark and was trading near $107, easing concerns around inflation and input costs.
The gains come after a weak closing in the previous session. On Thursday, April 30, the Sensex had dropped 583 points, or 0.75%, to settle at 76,913, while the Nifty fell 180 points, or 0.74%, ending just below the 24,000 level. In that session, IT stocks saw buying interest, whereas metal and PSU banking stocks were under pressure.
- With inputs from agencies
