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As exit polls suggest a 3rd consecutive win for the BJP led NDA government, benchmark indices Sensex and Nifty opened at a record high with Sensex surging 2621 points and Nifty surging 807 points on Monday

Indian stock market cheers exit poll predictions of BJP victory; Sensex, Nifty at record highs

<h2>As exit polls suggest a 3rd consecutive win for the BJP led NDA government, benchmark indices Sensex and Nifty opened at a record high with Sensex surging 2621 points and Nifty surging 807 points on Monday</h2>

Stock market indices Sensex and Nifty opened at their record high levels on Monday as exit polls suggested a 3rd consecutive win for the BJP led NDA. At the opening Sensex recorded 76,583, trading a whopping 2621 points or 3.55% higher. Similarly, Nifty 50 inched 3.58%, or 807 points higher at 23,337
At pre-open the Nifty surged to 23,337.90, higher by 807.20 points or 3.58% and the Sensex jumped to 76,583.29, up by 2,621.98 or 3.55%.
<h3>Stock market surge</h3>
Indicating a strong bull, the GIFT Nifty advanced 850 points, or 3.75% higher at 23,538. Rupee also opened on a stronger note on Monday surging 42 paise to 83.00 against US dollar in early trade.
Exit polls on Saturday predicted that Prime Minister Narendra Modi will retain power for a third straight term, with BJP-led NDA winning anywhere between 350-401 seats.
As per VK Vijayakumar, Chief Investment Strategist, Geojit Financial Services, the volatility seen throughout May will stabilise as the exit poll results indicate a clear victory for NDA. He further added that the bulls will be emboldened by the better-than-expected 8.2% growth in GDP numbers for FY24.
&ldquo;Exit polls results, which indicate a clear victory for the NDA with around 360 seats, completely removes the so-called election jitters which have been weighing on markets in May. This comes as a shot in the arm for the bulls who will trigger a big rally in the market on Monday,&rdquo; said V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services.
Meanwhile, Santosh Meena, Head of Research, Swastika Investmart Ltd told Indian Express that negative surprise from actual results might trigger a knee-jerk reaction in the market.
&ldquo;The market is approaching the event with caution, and the positive surprise from exit polls can lead to a rally as majority of the exit polls are giving 350+ seats to the NDA. Conversely, a negative surprise from actual results might trigger a knee-jerk reaction in the market,&rdquo; said Santosh Meena, Head of Research, Swastika Investmart Ltd.
Also watch: <a href="https://www.editorji.com/business-news/markets/exit-poll-results-stock-market-may-correct-20-if-nda-loses-says-kotak-1717141944590">Exit poll results: Stock market may correct 20% if NDA loses, says Kotak</a>

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