Indian stock market hits record highs on Monday

Indian blue-chip indexes reached new highs at the opening trade on Monday, only to retreat slightly as energy stocks declined, Reuters reported. The ongoing general elections have kept volatility elevated, leaving investors on edge.

The NSE Nifty 50 index opened at 22,991.05 points, up 0.2 per cent, and the S&P BSE Sensex climbed 0.24 per cent to 75,588 points, both hitting record highs for the third consecutive session.

However, persistent volatility remains a concern. Reports of lower voter turnout and voter fatigue have raised doubts about the ruling party’s margin of victory. The election results are scheduled to be announced on June 4.

The volatility index has soared nearly 78 per cent this month, with a 5 per cent increase recorded on the day.

Market dynamics are being influenced by election uncertainty and ongoing earnings season.

• The banking sector rose by 0.7 per cent, while energy stocks fell by 0.8 per cent.
• Divi’s Labs led gains on the Nifty 50 with a 4.2 per cent increase after strong quarterly results.
• Adani Ports rose 1.5 per cent while Wipro dropped 1.6 per cent as Adani Ports will replace Wipro in the Sensex 30 on June 24.