Stock Market moonwalks with Exit Poll steps

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Sensex gains 3k while SBI surpasses ₹8 lakh cr market cap

By S Jha

New Delhi, June 3: Sensex vaulted 3.39 per cent to post over 2500 points gains on Monday. Nifty rose by 335 points to post gains of 3.35 per cent. Bank Nifty finally broke out of its all-time high to post a whopping gain of almost 2000 points.

The Monday session on street had all glued to the bulls moonwalking the street. Bears stayed in spectators’ modes.

Exit Polls have predicted a rerun of the 2019 verdict for Prime Minister Narendra Modi. The bulls got the booster dose also from the Gross Domestic Product (GDP) data which came over the weekend to give India a first in several years an eight per cent growth.

Bulls favour continuity in governance. The likelihood of the Modi government getting a third mandate brought the bulls with adrenalines rushing in their veins.

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The Adani Group, much maligned by the Opposition parties, led the bulls’ charge. The Adani Port posted gains of over 10 per cent. Adani Enterprises, and others from the pack were higher by eight per cent and more.

The street chanted ‘acche din’ for Adani Group. But it was a moonwalk also for the State Bank of India. With stakes in the Adani Group, the SBI valuation surpassed ₹8 lakh crore on Monday.

The power finance twins – PFC and REC – rushed to the street with over 10 per cent gains on Monday. Both the scrips have been consistent gainers on the street for past one year.

Nazara Technology, a gaming and sports newbie, also gained over 12 per cent while tracking healthy quarterly numbers. The IT sector remained laggards on a day when it was a money rains all the ways for the bulls.

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The bourses gained firmness again in the last 45-minute of the trade. Indices sharply rose in the last half an hour.

The investors are hoping that the markets will again make a gap up opening on Tuesday, and they didn’t want to miss the party on the street.

Several of the market participants came out with claims that Sensex is headed to 80,000 levels. They also claimed that Nifty also is headed to the 24,000 levels.

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It may be recalled that the indices had made significant gains on the day of the counting of votes in 2019. Sensex had posted gains in excess of 30000 points five years ago.

The positional traders took positions in the market in anticipation that the Exit Polls’ predictions will get endorsement tomorrow. The market was one directional throughout the day.

(Disclaimer: This article makes no recommendation for buy or sell of shares of any company)

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