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GIFT Nifty indicates strong start on BJP`s victory in state polls

Published on Dec 04, 2023 08:30

GIFT Nifty:

Trading of Nifty 50 index futures on the GIFT Nifty indicates that the Nifty could jump 145 points at the opening bell.

On the political front, the BJP is set to form the government in Chhattisgarh, Rajasthan and Madhya Pradesh. The counting of votes in Rajasthan concluded with the BJP securing a landslide victory with 115 seats. Meanwhile, the ruling Congress won 69 seats out of the 199 which had gone to the polls on November 25. In Chhattisgarh, the BJP won 54 seats, the ruling Congress won 35 and the Gondvana Gantantra Party managed to win one seat. In Telangana, Congress won 64 seats, the ruling Bharat Rashtra Samithi won 39, the BJP got eight seats, and AIMIM won seven. The Communist Party of India won one seat. The BJP has won 163 of the total 230 seats in the Madhya Pradesh Assembly. On the other hand, the Congress has won 66 seats.

Global markets:

Overseas, Asian stocks are trading mixed on Monday, with investors awaiting a slew of key economic data Tuesday and inflation readings later this week.

US stocks ended higher on Friday with the S&P registering its highest close of the year after remarks from US Federal Reserve Chair Jerome Powell boosted the view that key policy rates have peaked.

US Federal Reserve Chair Jerome Powell on Friday reaffirmed the central bank�s intent to remain cautious on interest rates but also said that the hoped-for �soft landing" of the US economy seemed to be falling into place.

Domestic markets:

Back home, the domestic stock market kicked off December with a bang, as the Nifty 50 index surged to a new high on Friday. The barometer index, the S&P BSE Sensex advanced 492.75 points or 0.74% to 67,481.19. The Nifty 50 index added 134.75 points or 0.67% to 20,267.90, after hitting an all-time high of 20,291.55.

Foreign portfolio investors (FPIs) bought shares worth Rs 1,589.61 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 1,448.08 crore in the Indian equity market on 1 December, provisional data showed.

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