Sensex and Nifty surged on Wednesday amid hopes of return of NDA government, know at what level they closed?

New Delhi. Indian stock markets witnessed a significant surge on Wednesday, buoyed by hopes of the NDA returning to power and securing another term for Prime Minister Narendra Modi. The BSE Sensex surged 2,303.19 points to close at 74,382.24. Similarly, the NSE Nifty jumped 735.85 points to 22,620.35. The rally saw significant gains across sectors, including banking, IT, pharma, FMCG and auto stocks.

Investor wealth increased by ₹13 lakh crore
The strong rally in the market brought huge gains to investors, increasing their wealth by nearly ₹13 lakh crore in a single day. The market capitalisation of companies listed on the BSE, which had fallen to Rs 3.94 lakh crore after a massive drop on the previous day, bounced back to Rs 4.07 lakh crore. As a result, investors gained Rs 13 lakh crore. Investors had suffered a massive loss of Rs 30 lakh crore on the previous day.

Major stocks surge
It is worth noting that the market fell sharply on Tuesday due to the BJP-led NDA getting fewer seats than expected in the general election results. Out of the 30 companies listed on the Sensex, Mahindra & Mahindra, Hindustan Unilever, Asian Paints, IndusInd Bank, Kotak Mahindra Bank and Nestle saw the highest gains. In the Asian markets, South Korea's Kospi closed in the green, while China's Shanghai Composite, Hong Kong's Hang Seng and Japan's Nikkei closed in the red. However, the US markets closed with a positive trend on Tuesday.
Global Market Trends
On the commodity front, global oil benchmark Brent crude futures traded marginally lower by 0.04% at $77.49 per barrel. According to stock market data, foreign institutional investors (FIIs) were net sellers in the capital markets on Tuesday, selling shares worth ₹12,436.22 crore.