Sensex and Nifty Soar to Record Highs on Election Buzz and Robust FII Inflows!Sensex and Nifty Soar to Record Highs on Election Buzz and Robust FII Inflows!

Sensex and Nifty hit record openings, with the Sensex starting at 75,655.46, up by 245.07 points, and Nifty beginning at 23,038.95, increasing by 81.85 points. This surge is attributed to positive sentiment regarding the general elections and rising foreign institutional investments.

Sector-wise, banks and metals led the gains, contributing significantly to the indices’ climb to new heights. In contrast, Nifty Auto and Nifty Energy sectors saw declines of 0.2 percent, slightly tempering the overall market rally.

Foreign institutional investors (FIIs) have dramatically shifted their market activities, with May experiencing a substantial sell-off. By May 24, FIIs had offloaded equity worth Rs 22,046 crores, marking a significant turn from initial mild selling in April.

Despite this sell-off, the optimism around the general elections and continued inflow from FIIs at the beginning of the month bolstered the market, driving the indices to achieve unprecedented levels at the opening.