Stock Market Live: Nifty Hovers Around 24,300; Sensex Up Over 1,100 Points

The National Democratic Alliance's win in Maharashtra — one of the key economic and industrial state in the country — is expected to ease worries over political instability on a national level, subsequently boosting risk–on sentiment among market participants, according to brokerages.

The NDA won 235 seats out of 288 seats in the Maharashtra assembly. Of this, the Bharatiya Janata Party secured 135 seats.

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Consumption-driven businesses are feeling the pressure as urban market slows, and cinemas are no exception. However, a strong movie line-up this month and next raises hope for a strong finish for the current quarter ending in December, said Sanjeev Kumar Bijli, executive director of PVR INOX Ltd.

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Shares of Central Bank Of India Ltd. rose 10% on Monday after it received approval from the Reserve Bank of India to enter the insurance business through a joint venture with Italian major Generali Group.

IIFL Securities Ltd. has initiated coverage on Awfis Space Solutions with a 'buy' rating and a target price of Rs 920 per share, implying an upside potential of 45% from the current market price, citing it as the only listed pure play in the flexible workspaces segment.

Shares of Power Finance Corp. surged in early trade on Monday as the company traded ex-dividend. PFC had announced an interim dividend of Rs 3.50 per equity share on the face value of Rs 10.