Stock market today: Sensex, Nifty 50 hit record high after PM Narendra Modi takes oath as PM
Grasim Industries, and Cipla supported the rally.Also Read: Paytm share price gains over 8.5% to cross ₹400 mark after 8 weeks, recovers 33.5% from all-time lowBuying was also witnessed in the broader markets as the Nifty Midcap 100 and the Nifty Smallcap 100 index traded higher. Among sectors, Nifty PSU Bank, Nifty Realty, Nifty Oil & Gas, Nifty Pharma and Nifty Auto led the gains, while Nifty IT was trading in the red.Market sentiment improved as concerns over political stability and policy continuity waned after the new government led by Prime Minister Narendra Modi was sworn in over the weekend.
On Sunday, Narendra Modi took oath as the Prime Minister of India for the third consecutive term. Along with him, 71 ministers in the new coalition government were also administered the oath of secrecy and office by President Droupadi Murmu.Read here: Amit Shah, JP Nadda, Shivraj Singh Chouhan, among 71 ministers sworn in. Find full list hereIndian stock market participants will now watch the composition of the council of ministers in the new NDA government, key global and domestic factors including the US Federal Reserve policy outcome, Bank of Japan interest rate decision and India and US inflation data this week for further cues on the direction of the markets.On Friday, Sensex and Nifty 50 saw a stellar rally of over 2% each after the Reserve Bank of India (RBI) policy.
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