Sensex, Nifty hit record highs following PM Modi's swearing-in
India's stock market soared to fresh highs on Monday morning following Narendra Modi's third term inauguration as Prime Minister. The benchmark indices, led by Reliance Industries and Axis Bank, hit new records shortly after the market opened. The Nifty 50 surged to a fresh high of 23,411.90, while the Sensex rose to an all-time high of 77,079.04.
Major gainers and losers in the market surge
Among the major gainers on the Nifty were Adani Ports, Power Grid Corp, Bajaj Auto, Coal India, and Shriram Finance. However, Tech Mahindra, Infosys, Dr Reddy's Labs, LTIMindtree, and Hindalco found themselves among the biggest losers in this market rally. All sectoral indices were trading in the green, except for IT and metal sectors. This upward trend, since in the past few sessions, continued post PM Modi's oath ceremony leading to the current market surge.
International developments impacting global markets
In international news affecting markets, the euro fell to its weakest in nearly a month as French President Emmanuel Macron called for snap elections following European Parliament elections. Meanwhile, markets in China, Hong Kong, Taiwan, and Australia were closed on Monday for holidays. The yield on 10-year Treasuries advanced for a third day after a solid US jobs report spurred rethink on Federal Reserve interest-rate cuts.
