Stock Market Updates: Sensex Rises Over 1,200 Points, Nifty Above 24,300; Zomato Up 5%

Last Updated: November 25, 2024, 09:29 IST

Markets are attracting positive outlook from the landslide success of the Bharatiya Janata Party (BJP)- led union in the Maharashtra Assembly political elections

Indian benchmark equity indices, BSE Sensex and Nifty 50, rose at the opening bell on Monday, driven by favorable residential signs and a downturn in international financier marketing.

At the beginning of the session, the BSE Sensex stood at 80,344.78, obtaining 1,227 factors, or 1.55 percent, while the Nifty 50 got to 24,277, up by 370 factors, or 1.55 percent.

Markets are attracting positive outlook from the landslide success of the Bharatiya Janata Party (BJP)- led union in the Maharashtra Assembly political elections, together with the favorable energy in worldwide markets, prolonging the gains from the last trading session of the previous week.

However, worldwide geopolitical unpredictabilities and continuous marketing by international financiers remain to influence financier view.

Motilal Oswal in its note highlighted that the political quality complying with the political elections can give a much-needed increase to financier view. The broker agent explained that current market adjustments– around 9 percent throughout the Nifty 50, Nifty Midcap 100, and Nifty Smallcap 100– were greatly driven by weak company incomes, continuous international discharges of virtually $14 billion considering that October, and geopolitical unpredictabilities. With the BJP’s solid efficiency in Maharashtra and Haryana, the main federal government might concentrate on raising monetary costs to promote development. “This political election outcome, together with boosting country need after a great downpour and an anticipated solid Kharif result, can lead the way for a tiny risk-on rally,” Motilal Oswal mentioned.

Global Cues

Meanwhile, markets in the Asia-Pacific region mostly rose on Monday morning.

Australia’s S&P/ASX 200 rose 0.7 per cent to 8,452.7, while Japan’s Nikkei 225 was 1.61 per cent up, and the broad-based Topix was ahead by 1.07 per cent.

South Korea’s Kospi gained 1.45 per cent, and the small-cap Kosdaq saw a larger rise of 2.36 per cent.

Hong Kong’s Hang Seng index rose 0.31 per cent, while mainland China’s CSI 300 was flat with a negative bias. The Shanghai Composite was 0.21 per cent higher.

That apart, global stocks registered a strong weekly gain on Friday while US Treasury yields slipped as markets eyed President-elect Donald Trump’s likely policies and their impact on the US economy, even as bitcoin traded near the $100,000 threshold.

Traders are bracing for Trump’s agenda after he takes office in January, which is expected to include tariffs, tax cuts and deregulation. Trump has been nominating senior officials in his administration, and markets are awaiting his pick for Treasury secretary.

All three Wall Street indices finished higher and each notched a weekly gain. The Dow Jones Industrial Average rose 0.97 per cent to 44,296.51, the S&P 500 rose 0.35 per cent to 5,969.34 and the Nasdaq Composite rose 0.16 per cent to 19,003.65.

Europe’s Stoxx 600 share index ended the week 1 per cent higher, snapping four straight weeks of losses. MSCI’s gauge of stocks across the globe rose 0.33 per cent to 854.22 and gained about 1.4 per cent for the week.