Stock Market Rebounds After Six-Day Slump Amid Haryana Election Victory
New Delhi, October 8: After a continuous decline for six consecutive trading sessions, the domestic stock market closed strong on Tuesday, with a notable surge driven by the Bharatiya Janata Party's (BJP) victory in the Haryana Assembly elections. Although the Sensex opened with a slight drop, the Nifty began trading with gains. Initially, both indices hovered in the red due to selling pressure, but the market picked up momentum within the first half hour of trading, eventually closing with significant gains. The Sensex rose by 0.72 percent, while the Nifty gained 0.88 percent.
Most sectoral indices performed well, closing in the green, particularly in the automobile, oil and gas, and banking sectors, which saw robust buying activity. Other sectors such as public sector enterprises, pharmaceuticals, energy, IT, capital goods, consumer durables, FMCG, healthcare, and tech indices also ended the day on a positive note. However, the metal index faced selling pressure, witnessing a decline of over 1 percent. The broader market also saw continued buying, with the BSE Midcap Index closing 1.86 percent higher, while the Smallcap Index soared 2.44 percent.
The stock market's strength led to an increase of approximately ₹8 trillion in investor wealth. The market capitalization of companies listed on the BSE reached ₹459.91 trillion (provisional) by the end of the day's trade, compared to ₹451.99 trillion on Monday. As a result, investors saw gains of about ₹7.92 trillion from today's trading activity.
A total of 4,045 stocks were actively traded on the BSE during the day, with 3,019 stocks closing in the green, 925 stocks ending in the red, and 101 remaining unchanged. On the NSE, 2,519 stocks were actively traded, of which 2,045 stocks posted gains, while 474 recorded losses. Among the 30 stocks included in the Sensex, 18 closed with gains, and 12 closed in the red. On the Nifty, 36 out of 50 stocks closed in positive territory, with 14 recording losses.
The BSE Sensex opened lower by 223.44 points at 80,826.56. Due to selling pressure, the index briefly dipped to 80,813.07. However, within the first half hour, buyers stepped in, leading to broad-based buying across sectors. As the Haryana Assembly election results and trends started rolling in, the market gained momentum. By 1 p.m., as it became apparent that the BJP was set to retain power, the Sensex surged to an intraday high of 81,763.28, a gain of 713.28 points. It eventually closed 584.81 points higher at 81,634.81.
On the other hand, the NSE Nifty opened 36.45 points higher at 24,832.20. Despite initial selling pressure that saw the index dip to 24,756.80, it quickly rebounded as election trends became favorable for the ruling party. Supported by buying activity, the Nifty climbed to an intraday high of 25,044, closing 217.40 points higher at 25,013.15.
Among the top gainers were Trent Ltd., up 7.95 percent, Bharat Electronics (4.83 percent), Adani Enterprises (4.73 percent), Adani Ports (4.67 percent), and Mahindra & Mahindra (3.45 percent). On the losing side, SBI Life Insurance (-3.35 percent), Tata Steel (-2.94 percent), Titan Company (-2.67 percent), Bajaj Finserv (-2.19 percent), and JSW Steel (-2.02 percent) made it to the top losers list for the day.
