Sensex soars 1,422 points as exit polls predict Modi victory
The NSE Nifty surged over 421 points to log its best single day gains in over 10 years
Riding a wave of optimism, the Sensex Monday vaulted 1,422 points to close at a record 39,352.67 as investors cheered the exit polls predicting a clear mandate for the Narendra Modi-led NDA in the Lok Sabha elections.
The NSE Nifty surged over 421 points to log its best single day gains in over 10 years. The 30-share BSE gauge also registered its biggest one-day rise in the past six years. The market capitalisation of BSE-listed firms jumped by Rs 5,33,463.04 crore on Monday. As of Monday's close, total valuation of BSE-listed companies stood at Rs 1,51,86,312.05 crore.
A majority of exit polls have predicted a clear majority for the NDA, which is expected to win over 300 seats in the parliament election. The counting of vote will take place on May 23. Analysts believe Modi's BJP retaining power will ensure a continuation in reform measures initiated during the NDA's first term.
The market rally on Monday was broad-based, with financials leading from the front. Among the Sensex constituents, IndusInd Bank, SBI, Tata Motors, Yes Bank, LT, HDFC, Maruti and ONGC emerged as the top gainers - surging as much as 8.64 per cent. Barring two stocks Bajaj Auto and Infosys, all Sensex scrips ended in the green. Indian stock market also outperformed its Asian peers on Monday.
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