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Mumbai: Indian stock markets rallied on Monday after the <keyword id="20032950" type="General" weightage="20" keywordseo="BJP-led-government" source="keywords">BJP-led government</keyword> secured a majority in the latest state elections in Maharashtra. The <keyword id="20641216" type="General" weightage="100" keywordseo="Nifty-50" source="keywords">Nifty 50</keyword> index gained more than 1.45 per cent or 346.30 points to open at 24,253.55 points, while the BSE <keyword id="19896382" type="General" weightage="20" keywordseo="Sensex" source="keywords">Sensex</keyword> index surged 1,076 points or 1.36 percent to open at 80,193.47 points. Experts noted that the election results have an impact on the markets today, and if past trends are followed, the markets may witness some rally amid the return of the BJP in the Maharashtra state elections. <keyword id="20161891" type="General" weightage="20" keywordseo="Ajay-Bagga" source="keywords">Ajay Bagga</keyword> Banking and Market Expert stated that "The just concluded elections in Maharashtra, the results of which were declared on November 23rd, will have a positive immediate impact on the stock markets. The landslide win for the BJP lead coalition in the Maharashtra state elections could lead to a short-term boost to the Indian stock markets which have been in a declining mode" He further added "Investors will interpret this mandate as favourable for the capex and infrastructure push that is ongoing in Maharashtra. The beneficiary sectors of this election are industrials, infrastructure, manufacturing, real estate and financials". In the sectoral indices on the National Stock Exchange, <keyword id="20065014" type="General" weightage="20" keywordseo="Nifty-Realty" source="keywords">Nifty Realty</keyword> and <keyword id="19941314" type="General" weightage="20" keywordseo="Nifty-PSU-Bank" source="keywords">Nifty PSU Bank</keyword> rallied with a surge of more than 2 percent, while other major indices also gained more than 1.5 per cent, including Nifty Metal, Nifty Media, and Nifty Oil &amp; Gas. In the Nifty 50 list, 49 stocks gained during the opening session, while only one stock declined. Shri Finance opened as the top gainer in the Nifty 50. The shares of the AdGroup also surged around 2 percent at the time of filing this report. <keyword id="19967296" type="General" weightage="20" keywordseo="Adani-Green" source="keywords">Adani Green</keyword> also climbed around 4 percent. "We are most likely to break the falling 20-day average that lies at 24,030, which will be the first time that'd happen since the record high of 27th September. Seasonality trends between now and the end of the year have been historically positive, with the Nifty rising 80% of the time during this period with an average return of over 4 per cent" Akshay Chinchalkar, Head of Research, Axis Securities. In other Asian markets, Japan and South Korea indices rallied. The Nikkei 225 index surged more than 1.5 percent, South Korea's Kospi also rose by 1.5 percent, Taiwan's Weighted Index was up by 0.48 percent, while Hong Kong's Hang Seng index was down marginally by 0.14 percent at the time of filing this report.

Nifty, Sensex rallied around 1.5 % after Maharashtra election results, Experts noted short term rally

<ul class="summary-list"><li>US stocks surged after the September jobs report exceeded expectations with 254,000 jobs added.</li><li>Economists predicted 150,000 jobs; unemployment fell to 4.1% from 4.2%.</li></ul>US stocks surged on Friday after <a target="_blank" class="" href="https://www.businessinsider.com/september-jobs-report-unemployment-rate-nonfarm-payroll-growth-federal-reserve-2024-10">the September jobs report</a> blew past economist estimates.The US economy added 254,000 jobs last month, well ahead of economist estimates of 150,000 jobs. The strong job gains pushed the unemployment rate lower to 4.1% from 4.2%.According to ING chief economist James Knightley, the jobs report was "unambiguously strong.""On the face of this the Fed should be hiking rates with these sorts of figures, not cutting rates," Knightley said in a note on Friday.To that end, futures markets see little chance that the Federal Reserve will move ahead with another 50 basis point interest rate cut at its November FOMC meeting.The chances of a 50 basis point cut plunged to 10% after the jobs report was released, compared to 53% last week, according to the CME FedWatch Tool.Another strong aspect of the jobs report was wage gains, according to Capital Economics.There also appears to be something of a mini-resurgence in wage growth, with average hourly earnings increasing by 0.4% m/m, which was enough to push the annual growth rate up to 4.0%, a five-month high."There also appears to be something of a mini-resurgence in wage growth, with average hourly earnings increasing by 0.4% m/m, which was enough to push the annual growth rate up to 4.0%, a five-month high," Capital Economics' Paul Ashworth said.Here's where US indexes stood shortly after the 9:30 a.m. opening bell on Friday:<ul><li><a target="_blank" href="https://markets.businessinsider.com/index/s&amp;p_500?utm_source=markets&amp;utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets">S&amp;P 500</a>: 5,741.71, up 0.73% </li><li><a target="_blank" href="https://markets.businessinsider.com/index/dow_jones?utm_source=markets&amp;utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets">Dow Jones Industrial Average</a>: 42,265.77, up 0.61% (+254.18 points)</li><li><a target="_blank" href="https://markets.businessinsider.com/index/nasdaq_composite?utm_source=markets&amp;utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets">Nasdaq composite</a>: 18,119.55, up 1.12%</li></ul>Here's what else is going on:<ul><li><a target="_blank" class="" href="https://www.businessinsider.com/spirit-airlines-chapter-11-bankruptcy-billion-debt-restructuring-2024-10">Spirit Airlines stock plunged after a report said it was considering filing for bankruptcy.</a></li><li><a target="_blank" class="" href="https://markets.businessinsider.com/news/commodities/costco-starts-selling-platinum-bars-gold-silver-retail-success-2024-10">Costco is selling platinum bars for $1,089 as it diversifies its booming precious metals business.</a></li><li><a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/nvidia-stock-price-jensen-huang-blackwell-gpu-demand-ai-tech-2024-10">Nvidia stock moved higher after CEO Jensen Huang said demand for its next-generation GPU chip is "insane."</a></li></ul>In commodities, bonds, and crypto:<ul><li><a target="_blank" href="https://markets.businessinsider.com/commodities/oil-price">West Texas Intermediate</a> crude oil was up 0.83% to $74.32 a barrel. <a target="_blank" href="https://markets.businessinsider.com/commodities/oil-price">Brent crude</a>, the international benchmark, was higher by 0.81% to $78.25 a barrel.</li><li><a target="_blank" href="https://markets.businessinsider.com/commodities/gold-price">Gold</a> was down 0.41% to $2,668.10 an ounce.</li><li>The 10-year Treasury yield was higher by 11 basis point at 3.963%.</li><li><a target="_blank" href="https://markets.businessinsider.com/currencies/btc-usd">Bitcoin</a> was higher by 1.31% to $61,544.</li></ul>

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Nifty, Sensex rallied around 1.5 % after Maharashtra election results, Experts noted short term rally

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Stock market today: US stocks jump after blowout September jobs report

Matthew Fox

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