Sensex jumps over 1,400 points, investors richer by ₹4 lakh cr in a day, after exit polls predict Modi returns
After roaring on early opening, Indian stock markets makes high jump in the afternoon session with the Sensex rising over 1,400 points. a day after several exit poll predicted Prime Minister Narendra Modi-led NDA government come back with a comfortable majority.
The S&P BSE Sensex soared as much as 1,405.89 points or 3.71 per cent to reclaim the 39,300 marks. While NSE Nifty jumped 414.85 points from the previous close to hit an intraday high of 11,822.00.
On Monday domestic market made a gap-up opening S&P BSE Sensex surged as much as 962.12 points to hit 38,892.89 in opening trade. The nifty50 index climbed to 11,694.10, up 286.95 points from the previous close, rising 285 or over 2.5%.
Sensex at 39,249.76, up by 1,318.99 points. pic.twitter.com/7M6k3Ur1UG
— ANI (@ANI) May 20, 2019
The massive upsurge in the stock market made investors richer by over ₹4 lakh crore in a day. The rupee gained to a two-week high of 69.36 against the US dollar, as compared to its Friday’s close of 70.23. According to CNBC, analysts said the equity market has already priced in Narendra Modi's win.
At 2:30 pm, the Sensex traded 3.39 per cent or 1,285.04 points higher at 39,215.81 and the Nifty was up 377.75 points or 3.31 per cent, at 11,784.90.
Hours after polling in 542 seats concluded on Sunday, multiple exit polls predicted the BJP-led National Democratic Alliance (NDA) is likely to bag 300 seats in their court and will be forming a stable government for the next five years.
Meanwhile, some analysts expect a rally in the markets till the election results due on Thursday. They broadly expected over 2% gains in benchmark indices if the BJP-led NDA government comes back to power with over 272 seats.
Also read: Exit Poll 2019: Sensex jumps over 950 points after exit poll predict PM Modi-led NDA returns
First published: 20 May 2019, 16:01 IST