State-Run Banks and Public Enterprises Surge After Exit Poll Predictions

Public sector enterprises and state-owned banks saw significant stock market gains, as benchmark indices hit record highs following exit polls predicting a third term for Prime Minister Narendra Modi. The notable increase in shares included substantial climbs in Bank of Baroda, State Bank of India, and other major banks.

Shares of public sector enterprises and state-owned banks surged over 12 per cent on Monday, driven by record highs in benchmark indices. The rally came a day after exit polls forecasted a third term for Prime Minister Narendra Modi's government.

The Nifty PSU Bank Index climbed 620.15 points, an 8.40 per cent rise, settling at 8,006.15. During intra-day trading, it peaked at 8,053.30. Shares of major banks, including Bank of Baroda and State Bank of India, hit 52-week highs.

In tandem, Nifty CPSE indices jumped 471.90 points, or 7.16 per cent, ending at 7,059.80 points. This followed similar gains in power and electronics companies like NTPC and Bharat Electronics Ltd. Broader NSE Nifty surged 733.20 points, marking its highest point in history.