Sensex and Nifty Indexes Advance 1% After BJP-led Alliance Scored Strong Victory In Maharashtra State Polls

Arun Goswami
25 Nov, 2024
Mumbai

Stock market indexes in Mumbai opened sharply higher after the BJP-led alliance scored a strong victory in Maharashtra assembly polls. 

The Sensex index gained 1.4%, and the Nifty indexes advanced 1.6% following the decisive victory of the BJP-led alliance, winning 235 of the 288 seats in Maharashtra state elections. 

The strong performance of the BJP alliance sets aside the worries of the party taking a back seat in the central government and possibly reviving infrastructure development plans in the financial capital, Mumbai. 

BJP's strong victory in Maharashtra following the improving performance in Haryana is likely to increase Prime Minister Narendra Modi's and his party's influence in the central government. 

However, the BJP-led alliance suffered a defeat in Jharkhand with only 24 of the 88 seats in the assembly polls. 

In international trading, market indexes in Asia advanced, tracking market gains in New York and Europe in Friday's trading. 

 

India Stock Movers 

The Sensex index advanced 1.4% to 80,250.93, and the Nifty index gained 1.6% to 24,266.40. 

Zomato decreased 0.7% to ₹264.89, and the company is set to join the widely followed Sensex index, replacing JSW Steel as of December 23. 

The index manager, Asia Indexes, the subsidiary of the Bombay Stock Exchange, announced the index change. 

PVR INOX jumped 3% to ₹1,490.0 after the movie theater chain operator said it plans to invest ₹200 crore to add 100 more movie screens by the end of 2026. 

The company currently operates 1,747 screens in 356 movie theaters in 111 cities across India and Sri Lanka. 

Solar energy stocks were in focus after the U.S. Securities Exchange Commission and the Department of Justice levied charges of a bribery scheme and fraud against several executives of Adani Group, including its chairman, Gautam Adani. 

JSW Energy increased 2% to ₹702.30, KP Energy gained 4% to ₹606.0, Urja Gas advanced 2.3% to ₹17.48, and the Indian Renewable Energy Development Agency jumped 4.7% to ₹193.93. 

Bank of India gained 2.8% to ₹105.95, and this week the company is set to raise as much as ₹5,000 crore through the sale of infrastructure bonds. 

Signature Global India advanced 2.2% to ₹1,327.50, and the company said it plans to launch several new residential projects worth ₹50,000 crore over the next three years in the Delhi-NCR region. 

Patanjali Ayurved increased 0.2% to ₹1,795.0 after the consumer goods company reported a strong rise in sales and earnings in the September quarter. 

Revenue in the fiscal third quarter increased 23% to ₹9,335 crore, and net income soared five-fold to ₹2,901 crore, driven by a rise in other income.