- Monday 24 Jun 2019
Sensex jumps over 900 points as exit polls suggest NDA’s victory
PTI, May 20, 2019, 10:26 AM IST
Mumbai: Domestic financial markets cheered exit poll results showed that ruling NDA is likely to will the general Lok Sabha elections on Monday, with the benchmark BSE Sensex skyrocketing over 900 points, and the rupee appreciating 79 paise against the US dollar.
After soaring over 962 in early session, the 30-share index pared some gains and was trading 687.63 points, or 1.81 per cent, higher at 38,618.40. In similar movement, the broader NSE Nifty was trading 203.05 points, or 1.78 per cent, up at 11,610.20.
Top gainers in the Sensex pack include Maruti, L&T, SBI, ICICI Bank, RIL, M&M, IndusInd Bank, Axis Bank, Yes Bank and Vedanta, rising up to 4 per cent. On the other hand, Bajaj Auto, Infosys and HCL Tech slipped up to 2 per cent.
Most exit polls Sunday forecast another term for Prime Minister Narendra Modi, with some of them projecting that BJP-led NDA will get more than 300 seats to comfortably cross the majority mark of 272 in the Lok Sabha. The results of the seven-phase polls will come out Thursday.
“The exit polls have been better than market expectations, with the ruling party getting a comfortable majority. The market is likely to rally further, but the rally may not be significant as there are challenges of not so encouraging earnings growth, lower liquidity, slowing economy and global challenges,” said Naveen Kulkarni, Head of Research, Reliance Securities.
There could be sector-specific rally. Infrastructure and banking stocks could do well, he added. Meanwhile, market regulator Sebi and stock exchanges have beefed up their surveillance mechanism to check any manipulative activities in the market this week in view of the high-octane election related events lined up.
Foreign institutional investors sold equity worth Rs 1,057.82 crore on Friday, while domestic institutional investors purchased shares to the tune of Rs 1,809.76 crore, provisional data available with stock exchanges showed.
Elsewhere in Asia, bourses in China, Japan and Korea were trading on a mixed note in their respective early sessions.
On the currency front, the rupee appreciated by 79 paise to 69.44 against the US dollar in opening trade on Monday. Brent crude, the global benchmark, was trading at 73.28 per barrel, higher by 1.48 per cent.
New Delhi: Home grown FMCG firm Emami on Monday said its promoters have sold an additional 10 per cent stake in the company for Rs 1,230 crore, to re....
New Delhi: India's second largest IT services firm Infosys on Monday said it has signed a long-term strategic partnership with Toyota Material Handlin....
New Delhi: RBI Deputy Governor Viral Acharya, who was in-charge of the monetary policy department, has resigned six months before the scheduled end o....
New Delhi: Air India has suspended its Regional Director for East, Rohit Bhasin, for allegedly shoplifting a wallet from a duty-free shop at Sydney a....
New Delhi: Insolvency proceedings have been initiated against debt-ridden Jet Airways, which formally stopped flying on April 17 and saw lenders votin....
Hyderabad: Four local BJP leaders, including a woman, suffered injuries while burning an effigy during a protest in Warangal against the alleged sexua....
London: A Tendulkar helped England ahead of their World Cup clash against Australia -- not the man who owns almost all the batting records but the boy....
Hyderabad: Asserting that Congress chief Rahul Gandhi "proved his mettle" in fighting for farmers' interests, working class and others in the Lok Sa....
Moscow: Russia on Monday denounced as "illegal" new economic sanctions that the United States is preparing to impose on Iran. "We consider th....
Bengaluru: The Bengaluru police on Monday assured IMA Jewels case accused Mansoor Khan that if he returns to the city they will guarantee his safety. ....