Indian railway stocks jumped over 13% on Monday following exit polls predicting a strong win for the current government. Leading the charge were Titagarh Rail Systems, hitting a 52-week high, Rail Vikas Nigam Limited (RVNL) up 11%, Indian Railway Finance Corporation (IRFC) up 12.5%, and Jupiter Wagons.
RVNL shares hit a record high with market value soaring to ₹85,000 crore.
Other railway stocks also saw gains: IRCON International up 6.26%, RITES up 3.52%, Indian Railway Catering and Tourism Corporation (IRCTC) up 3%, and Texmaco Rail & Engineering up 5.28%.
The railway sector is expected to benefit greatly under Modi’s third term. Many railway stocks have delivered huge returns over the past year.
Exit polls suggest the NDA will win at least 363 seats, though not the ambitious ‘Abki Baar 400 Paar.’ Traders expect the Nifty index to break 24,000 this week.
While exit polls show the BJP in the lead, final results are still awaited. Hong Kong brokerage CLSA says a favorable outcome could boost investor confidence in India’s economic growth, encouraging more investments beyond just government-related stocks.
Following the exit polls, the market reopened with a bullish surge. The Nifty hit a new all-time high of 23,338.70, up over 800 points. The S&P BSE Sensex also climbed 2778 points to a new peak of 76,738.89.
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