Stock Market Today: Indian stock markets rose after TDP leader N. Chandrababu Naidu voiced his party’s support and commitment to the NDA following the results of the Lok Sabha elections. The TDP leader said the party is “firmly behind the NDA,” contradicting claims that he is unsure of his support for Prime Minister Narendra Modi’s BJP, whose party failed to deliver a significant boost in popularity in the Lok Sabha election results.
“I am experienced and have seen several political changes in the country. We are in the NDA and I will attend NDA meetings,” he asserted.
Following this, the Nifty 50 index hit an intraday high of 22,445, registering an intraday rise of over 2 per cent, while the BSE Sensex hit an intraday high of 73,851, up around 1.90 per cent against Tuesday’s closing level.
The Bank Nifty index also hit an intraday high of 48,000 within minutes of the TDP leader’s remarks.
“Though the Nifty 50 index has breached the immediate hurdle of 22,100-22,200, this should not be seen as a trend reversal on Dalal Street. The market may turn bullish if the 50-stock index breaches the key hurdle of 22,500 on a closing basis, so we need to wait for a bit more,” said Sumeet Bagadia, executive director, Choice Broking.
