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.

In early trade today, the stock market continued its upward momentum. At the opening bell, the BSE Sensex is trading at approx 1000 points higher than the previous closing.

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

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

The Nifty 50 closed the session with a decline of 0.34%, settling at 23,453 points. The S&P BSE Sensex closed 110 points, or 0.33%, lower at 77,327. Metal stocks surged up sharply after China’s finance ministry last week proposed to reduce or cancel export tax rebates for commodities.

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

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 trends on Gift Nifty also indicate a positive start for the Indian benchmark index. The Gift Nifty was trading around 23,440 level, a premium of nearly 90 points from the Nifty futures’ previous close.

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.