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The Indian stock market opened on a bullish note on Monday with the benchmark BSE and NSE indices logging over 1.5 per cent gains on the back of landslide victory by the BJP-led Mahayuti alliance in the Maharashtra legislative elections.
Roaring gains on Monday
The BSE Sensex opened nearly 1,000 points higher at 80,056, and soon rallied to a high of 80,407. The BSE benchmark index quoted around 80,230 levels in Monday's early deals, up 1,100 points or 1.4 per cent.
Meanwhile, the NSE Nifty 50 index soared to a high of 24,312, and was seen trading around 24,250 levels - up 350 points or 1.5 per cent. Track LIVE Market Updates
Among the Sensex 30 shares - Larsen & Toubro, Mahindra & Mahindra and Adani Ports were the biggest per centage movers - up around 3 per cent each. SBI, Reliance Industries also surged 2.5 per cent each. Among the index contributors, HDFC Bank, Reliance and ICICI Bank collectively contributed 50 per cent of the gains on the BSE Sensex thus far.
Sectorally, Capital Goods, Banking and Energy-related indices were the lead gainers on Dalal Street in early deals on Monday.
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Investors cheer BJP victory
The Narendra Modi-led Bharatiya Janata Party (BJP) was the single largest winner, with 132 seats out of a total of 288. The Mahayuti alliance (BJP - Shiv Sena - National Congress Party) collectively won a thumping 232 seats.
With a strong mandate for BJP, which also runs the Central government, market participants are optimistic of stability and higher government spending going ahead.
"Most of the state elections are now over, and the market may find stability as government spending will improve in the coming months to meet the FY25 capex target. Which in turn supports private spending. Good monsoon, festival and marriage season may colour consumption demand", said Vinod Nair, Head of Research, Geojit Financial Services.
F&O data hints at optimism
The Nifty options market reflects growing optimism as the Nifty staged a strong recovery; with notable put-writing activity recorded for the first time in two months on Friday, explained Dhupesh Dhameja, Derivatives Analyst at SAMCO Securities.
Meanwhile, Foreign institutional investors (FIIs) were net buyers of 46,712 contracts of index futures worth Rs 3,018.47 crore on Friday - the highest single-day net gain since September 22. The FIIs long-short ratio in index futures dropped from 3:1 in favour of the bears to 2:1. READ MORE
"Seasonality trends between now and the end of the year have been historically positive, with the Nifty rising 80 per cent of the time during this period with an average return of over 4 per cent," said Akshay Chinchalkar, Head of Research at Axis Securities.
Positive cues from global markets
Asian stocks were seen trading with notable gains on Monday with focus on Japan's inflation data. US futures too pointed towards a higher open with the US dollar seeing a decline following an 8-week rally.
Japan's Nikkei rallied 1.3 per cent. Kospi too jumped 1.4 per cent; while Taiwan and Straits Times were up around 0.4 per cent each. Hang Seng and China's Shanghai Composite index, however, reversed gains and had slipped into the negative zone.
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 "Sensex, Nifty, stock brokers")
 "Stock Market, Market, Crash, Funds, up, Stock, Gain, Lost, decline, statistic, Crisis, Capital, BSE, NSE")
 "Market, BSE, NSE, NIfty, Stock Market, investment")
