The stock market is responding positively to the ongoing election results trends in 5 states, with BSE Sensex gaining 1,179.48 points (2.16%) and Nifty gained 357.55 points (+2.16%). Markets are being boosted by bank, auto, and financial services stocks. Tata Motors (+6.31%), Axis Bank (5.74%), Bajaj Financial Services (4.54%) are the top stocks on Nifty, and all stocks on Sensex are trading in the green.
Here are the top stocks on Nifty:
Stocks leading on BSE Sensex are:
A correction in crude oil prices to the region of $110 from the high of $130 seen in recent days, and the anticipation of diplomatic resolution to the ongoing Russia-Ukraine conflict has buoyed investor sentiments. The state elections is being seen as a run-up to the General Elections in 2024, especially in Uttar Pradesh, and will indicate the approach and policies of the government, giving important indications to the market. With trends showing that the BJP will remain in power in 4 out of 5 states, investors are anticipating political stability i the business environment.
The market rally can also be attributed to a correction after seeing dips since the beginning of the month.
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