The GIFT Nifty surged over 800 points, suggesting a historic high opening for the Nifty 50 on June 3, driven by favourable exit poll results. Last week, the Nifty 50 hit a record high of 23,110.80 on May 27 but faced profit booking, closing at 22,530.7 on May 31, 580 points below its peak.
Top gainers included Adani Ports (+10.37%), Power Grid Corp (+10.19%), BPCL (+6.96%), NTPC (+7.76%), and Adani Enterprises (+6.83%). Despite the index dropping 2% over the week, resulting in an 8 lakh crore loss for investors, the market is poised to rebound.
At 8:20 AM on June 3, the GIFT Nifty was up 832 points to 23,520. Exit polls predict a third term for Prime Minister Narendra Modi, aligning with market expectations and brokerage forecasts of BJP winning 290–310 seats.
Motilal Oswal’s Raamdeo Agrawal anticipates a 3-4% market gain, with potential for further growth if the BJP secures over 400 seats. Prashant Khemka of Whit Oak Capital envisions Nifty reaching 50,000 within five years, given a consistent 15% earnings growth.
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