Frontline indices- the Sensex and the Nifty 50- are likely to open with solid gains on Monday as indicated by Gift Nifty. A landslide victory of BJP-led alliance in Maharashtra assembly election 2024 could trigger a risk-on rally in the market.

Indian stock markets rose sharply on Monday, continuing the momentum from their best session since early June, driven by positive sentiment following the National Democratic Alliance’s (NDA) landslide victory in the Maharashtra state elections.

Indian stock markets rallied on Monday after the BJP-led government secured a majority in the latest state elections in Maharashtra.

As long as the benchmark Nifty 50 index and Sensex are trading above 200 day Simple Moving Average or 23600 and 77500 respectively, the pullback formation is likely to continue, said experts

Benchmark Indian equity indices were trading higher, boosted by the BJP-led coalition's sweep in Maharashtra's state elections

Reliance Industries, the second heaviest-weighed stock in the Nifty 50, gained 2.5%. Most Adani group stocks, too, rose at the open

The trends on Gift Nifty also indicate a mildly positive start for the Indian benchmark index. The Gift Nifty was trading around 23,550 level, a premium of nearly 35 points from the Nifty futures’ previous close.

Indian stock markets surged on Friday, with the Sensex soaring over 2,000 points and Nifty50 reclaiming the 23,900 mark. Strong US job market data, a rebound in Adani Group shares, and positive investor sentiment fueled the rally.

The BSE Sensex stood at 78,338.95, up 1,183.16 points, or 1.53 per cent. The BSE Nifty soared 492.40 points, or 2.11 per cent, to 23,842.30.