Railway stocks soar on exit poll; IRFC, RVNL among top gainers
Rail Vikas Nigam Limited (RVNL) at 11 per cent, Indian Railway Finance Corporation (IRFC) at 12.5 per cent, and Jupiter Wagons.RVNL shares reached a new record high with market capitalisation surged to ₹85,000 crore mark.Also read: Exit Polls Impact: 7 BSE Power stocks surge to record highs; Adani Power, NTPC lead with gains up to 19%Other railway stocks that saw gains included IRCON International (6.26 per cent), RITES (3.52 per cent), Indian Railway Catering and Tourism Corporation (IRCTC, up 3 per cent), and Texmaco Rail & Engineering (5.28 per cent).The railways sector is anticipated to be a leading beneficiary under the third tenure of the Modi government. Many railway stocks have given multibagger returns in the last 12 months.According to an average of 12 exit polls, the NDA is likely to win at least 363 seats this time.
Although the NDA might not reach its ambitious goal of 'Abki Baar 400 Paar,' traders anticipate the Nifty index will surpass 24,000 this week.Also read: Suzlon Energy stock hits 5% upper circuit as Morgan Stanley sees 17% upsideAlthough exit polls place the BJP in a leading position, the final results are still pending. According to Hong Kong brokerage CLSA, a favorable outcome could boost investor confidence in India’s economic growth.
This increased confidence might motivate investors to expand their investments beyond just Modi-related stocks that are directly influenced by government policies.Following the exit polls, it was anticipated that the market's reopening would trigger a bullish surge. The headline index, Nifty, reached a new all-time high of 23,338.70, climbing over 800 points.
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