The Indian stock market indices maintained their upward trajectory from the previous week and reached new all-time highs at the opening bell on Monday, one day after the oath of office was taken by Prime Minister Narendra Modi and his Union Council of Ministers. It appeared that market confidence had improved due to a smooth transition in the government formation process.According to the sources, the Nifty was up 0.4% at 23,372 points, and the Sensex was up at 76,890.34. At opening today, they reached their all-time highs of 23,411.90 points and 76,960.96 points, respectively. The majority of the sectoral indices were positive.Sensex opens in green currently up by 338.30 points, trending at 77,031.66 pic.twitter.com/GnzgDF0jr5— ANI (@ANI) June 10, 2024As per analysts, it is believed that investors will keep a close eye on the upcoming US Fed interest rate decision. Apart from this, the allocation of the ministries to newly sworn-in ministers will also impact the markets and markets will also be keenly tracking them.Experts believe that the focus will be on the allocation of the key portfolios in the cabinet, such as Finance, Defense, Roads, Energy, Commerce, and Railways. It is worth noting that the markets were expecting a historical spurt in the benchmark indices after the exit polls but it failed and the market witnessed a bloodbath with the red mark. On June 4, Sensex declined 4,389.73 points while Nifty dropped by 1,379.40 points.But rose once again, when Narendra Modi was nominated as the Prime Minister after Lok Sabha Elections results.
