Indian stock markets rallied this morning after the BJP-led NDA secured a massive victory in the assembly elections in Maharashtra, which houses the country’s financial capital Mumbai. Stocks of the Adani Group also opened higher after a sharp sell-off triggered by allegations of a $250 million bribery scheme which the conglomerate categorically denied, calling them “baseless”.
The BSE Sensex index surged about 1,200 points and opened at 80,193.47 points, while the Nifty 50 index gained more than 346.30 points to open at 24,253.55 points.
Both the benchmarks rose about 1.5% on Friday as well, which was their best session since early June.
All 13 major sectors logged gains. The broader, more domestically focused small- and mid-caps rose about 2% each.
The shares of the Adani Group surged about 4 per cent.
The NDA won 233 out of the total 288 seats in Maharashtra on Saturday.