Following the release of exit poll results on June 1, predicting a third term for Prime Minister Narendra Modi with an increased majority, the Indian stock markets opened in the green on Monday. The Sensex surged by 2568.19 points to reach 76,529.50, while the Nifty climbed by 578.70 points to settle at 23,109.40.

The Nifty Bank index also experienced a significant rise, trading at 50,382.05, up by 1,398.10 points during the morning session. Major gainers from the Sensex pack included NTPC, Powergrid, and L&T, with no notable losers in early trading.

Investors were buoyed by the positive sentiment generated by the exit polls, which collectively indicated a strong likelihood of a third Modi government surpassing the previous two in terms of majority.

Markets Close Positively Ahead of Election Outcome

The Indian headline indices ended on a positive note on Friday, May 31, as investors awaited the final outcome of the Lok Sabha elections, scheduled for announcement on June 4. The Sensex closed at 73,961.31, up by 75.71 points or 0.10%, while the NSE Nifty ended at 22,530.70, up by 42.05 points or 0.19%.

Tata Steel emerged as one of the top gainers, adding 1.80 points, followed by Bajaj Finance (1.32 points), HDFC Bank (1.07 points), PowerGrid (0.96 points), and IndusInd Bank (0.92 points). Conversely, Nestle India led the laggards with a loss of 2.08 points, followed by TCS (1.77 points), Maruti (1.51 points), Infosys (1.37 points), and Axis Bank (0.82 points).

Global Market Movements

In the global market, U.S. West Texas Intermediate crude (WTI) saw an increase of USD 0.25, reaching USD 77.24 a barrel at 0643 IST. Brent crude prices also rose by USD 0.24, trading at USD 81.35 a barrel at the same time.