GIFT Nifty Surges Over 800 Points, Nifty 50 Set for Record Opening Today

The GIFT Nifty soared over 800 points, signaling a record-breaking start for Nifty 50 today, June 3, driven by exit poll outcomes.

Nifty 50 marked its all-time peak of 23,110.80 just a week ago, on May 27. However, it saw profit booking throughout the week, finally closing at 22,530.7 on May 31, a mere 580 points shy of its record high.

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Investors incurred losses exceeding 8 lakh crore last week as the index plummeted by 2%.

At 8:20 AM on Monday, June 3, GIFT Nifty surged by 832 points to reach 23,520.

Exit polls foresee a historic third term for Prime Minister Narendra Modi, aligning with the market’s expectations. Several brokerage firms had predicted the BJP securing approximately 290 to 310 seats independently, potentially bolstered by coalition partners.

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Raamdeo Agrawal, Chairman and Co-founder of Motilal Oswal Group, anticipates the market’s positive response to the Lok Sabha exit polls, forecasting an opening surge of 3-4% today.

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Prashant Khemka, from White Oak Capital, envisions Nifty hitting the 50,000 mark within the next five years, contingent upon a consistent earnings growth of 15% during this period.

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