Modi 3.0 begins: Sensex & Nifty set lifetime records, PSU stocks rally

The 30-share BSE Sensex touched 77,079.04 points, NSE Nifty hit an all-time high of 23,411.90 points. PSU shares recovered from last week’s selloff to log gains

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Sensex touched 77,079.04 points, Nifty hit an all-time high of 23,411.90 points. PSU shares logged gains

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As Prime Minister Narendra Modi signed his first file upon assuming office for a record third term on Monday, India’s equity markets registered lifetime high surges in early trade. While the 30-share BSE Sensex touched an unprecedented 77,079.04 points, NSE Nifty hit an all-time high of 23,411.90 points. Public Sector Undertaking (PSU) shares recovered from last week’s selloff to log gains.

The recent resurgent inflow of foreign funds has helped, too. Foreign Institutional Investors (FIIs) had purchased equities to the tune of Rs 4,391.02 crore at the close of trading on Friday last week, which left a positive impact on trading this Monday morning.

Among factors that buoyed the markets was also the revision of India’s GDP by Reserve Bank of India (RBI) for the fiscal year 2024-’25 (FY25). Last week, the RBI revised the GDP to 7.2 per cent from its earlier projected rate of 7 per cent.



MARKETS SET NEW RECORDS

The Sensex scaled an all-time high of 77,079.04 in early trade, registering a surge of 385.68 points on Monday, and maintaining momentum for the fourth consecutive day. The NSE Nifty set a new record of 23,411.90 points, an upswing of 121.75 points.

Both the indices continued the bullish run that started last weekend following the election results on June 4. While the Sensex had closed at 76,693.36 on Friday, the Nifty had reached 23,290.15 points.



PSU STOCKS GAIN

PSU shares, which had witnessed selloff last week, were on a recovery path on Monday, a day after PM Modi took oath for a third term with his Cabinet of 72 ministers.

The biggest gainer on Nifty50 was Power Grid, which traded at Rs 320.35, witnessing an upsurge of 3.6 per cent. SBI, at Rs 836.65, and NTPC, at Rs 367.35, were the other big gaining PSU shares on NSE, with both these companies seeing a 1 per cent surge.

The PSU index on BSE saw gains, too. Power Grid, Reliance Industries, State Bank of India, NTPC , Bajaj Finserv and Axis Bank were the top gainers while Tech Mahindra, Infosys, Wipro, HCL Technologies and Titan were the prominent laggards.



PM MODI STARTS TERM WITH KISAN SAMMAN

Meanwhile, Prime Minister Modi started his third term on Monday signing his first file, which green-flagged the 17th Pradhan Mantri Kisan Samman Nidhi. An amount of Rs 20,000 crore is to be allocated as part of the scheme, which is scheduled to benefit 9.3 crore farmers.

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