Sensex breached 77,000-mark for the first time while Nifty hit record high level in early trade on Monday, June 10, a day after Narendra Modi took oath as the Prime Minister for a third straight term. The 30-share BSE Sensex jumped 385.68 points to hit its new record high of 77,079.04 in early deals. The NSE Nifty climbed 121.75 points to hit its lifetime peak of 23,411.90.
Narendra Modi was sworn in as Prime Minister at the Rashtrapati Bhavan in Delhi on Sunday, becoming only the second PM after Jawaharlal Nehru to secure a third consecutive term.
Along with Narendra Modi, who took oath in the name of God, senior BJP leaders Rajnath Singh, Amit Shah, Nitin Gadkari, Nirmala Sitharaman and S Jaishankar were sworn in as cabinet ministers, indicating the Prime Minister's emphasis on continuity and experience as they also held senior positions in his second term.
Party president JP Nadda returned to the cabinet after five years, while former Madhya Pradesh chief minister Shivraj Singh Chouhan and ex-Haryana CM Manohar Lal Khattar were the fresh faces in the Modi cabinet.
BJP leaders Piyush Goyal, Jyotiraditya Scindia, Dharmendra Pradhan and Bhupender Yadav, who were earlier in the Rajya Sabha but have now been elected to the Lok Sabha, were among those retained as ministers.
The Indian stock market has been volatile since exit poll predictions came out on June 1, the last polling day of the Lok Sabha elections 2024. The share market opened with a bang on Monday, June 3, posting a massive jump in the early trade after exit polls projected that the Narendra Modi-led NDA government will be back for a third consecutive term with a sweeping victory in the Lok Sabha elections 2024.
On Tuesday, June 4, the result day, counting trends did not go as exit polls projected, leading to a massive crash in the Indian stock market.
Indian stock markets crashed by over 6,000 points on June 4 even as early vote-counting trends showed Modi's BJP-NDA leading in more than 270 seats, but the extent of the victory was not clear and its lead narrower than what exit polls had predicted.
The BJP ended up getting 240 seats alone, much lower than its 2019 tally but secured a comfortable majority with the help of its NDA allies, primarily JD(U) and TDP. While the NDA managed to bag 293 seats, the INDIA bloc of Opposition defied expectations and won 234 seats in the recently concluded Lok Sabha elections.
