Nifty Hits Record High On PM Modi’s Predictions Of Historic BJP Alliance Victory

Following Prime Minister Narendra Modi’s optimistic forecast of a BJP victory and record-breaking stock market performance on June 4, the Nifty index surged past 22,800 for the first time during Thursday’s trading session. The index hit a new peak at 22,852 points, while the Sensex climbed to 74,917, nearing its highest level of 75,124.

In an interview, PM Modi hinted at significant market movements post-June 4, coinciding with the vote counting for the Lok Sabha elections. Thursday witnessed both indices reaching historic highs, starting with the Nifty at 22,614 and the Sensex at 74,253, with most sectors showing positive gains.

Market analysts noted a resurgence in Indian indices despite global fluctuations, attributing this to growing investor confidence as the election results draw near. Ajay Bagga, an expert in banking and markets, highlighted the market’s resilience, particularly in financial sectors following positive announcements from the RBI regarding dividends to the Union government.

In contrast, Asian markets displayed mixed trends, with Japan’s Nikkei 225 and Taiwan Weighted posting gains, while Hong Kong’s Hang Seng experienced a decline. Additionally, Nvidia, a US tech giant, reported robust Q1 earnings, showcasing substantial growth in net income and revenue compared to the previous year.