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Sensex Surges Over 600 Points After BJP's Landslide Victory In 2019 Polls

Sensex surged 623 points or 1.61 per cent to close at 39,435 and the NSE Nifty 50 Index advanced 187 points.

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Sensex Surges Over 600 Points After BJP's Landslide Victory In 2019 Polls

Sensex share markets: ICICI Bank, HDFC Bank and Larsen & Toubro were the top Nifty gainers.

The S&P BSE Sensex and NSE Nifty 50 Index staged a sharp upmove a day after Prime Minister Narendra Modi-led National Democratic Aliance (NDA) won an overwhelming majority in the recently concluded general elections. PM Modi's Bharatiya Janata Party improved on its previous term's tally of 282 seats and won over 300 seats in the Lok Sabha elections while the Congress-led United Progressive Alliance (UPA) won on 92 seats. Analysts say that an NDA victory was priced in but BJP improving its own tally and winning over 300 seats boosted investor sentiment and fuelled hopes of structural economic reforms and higher spending on building infrastructure.
Here are 10 things to know:
  1. The Sensex surged 623 points or 1.61 per cent to close at 39,435 and the NSE Nifty 50 Index advanced 187 points or 1.6 per cent to end at 11,844.
  2. "The markets are rallying on hopes that after BJP improved on its 2014's tally of 282 seats will deliver on structural economic reforms, increase spending on infrastructure and announce another recapitalisation plan for state-run banks," AK Prbhakar, head of research at IDBI Capital Markets told NDTV over phone.
  3. Gains in ICICI Bank, HDFC Bank, Larsen & Toubro, State Bank of India and Infosys alone contributed over 350 points towards rally in the Sensex.
  4. Buying was visible across sectors as all the 11 sector gauges compiled by National Stock Exchange ended higher led by the Nifty PSU Bank Index's 5.6 per cent surge.
  5. Nifty Bank, Auto, Financial Services, Metal, Private Bank and Realty sector gauges also climbed between 2 and 4 per cent each.
  6. Mid- and small-cap shares also witnessed buying interest as the S&P BSE MidCap Index climbed 2 per cent and the S&P BSE SmallCap Index advanced 2.4 per cent.
  7. With NDA coming back into power we can expect local investors to take comfort in the mid and small-cap space with a longer 2-3 year horizon and inflows could resume in them, Kotak Securities said in a report.
  8. In the Nifty 50 basket of shares, 45 ended higher while only five shares closed lower. ICICI Bank was top Nifty gainer, the stock surged as much as 5.5 per cent to hit a fresh 52-week high of Rs 433.55. Vedanta, Tata Steel, Bharti Airtel, Zee Entertainment, Larsen & Toubro, Mahindra & Mahindra, Tata Motors and Hero MotoCorp were also among the gainers.
  9. On the flipside, Tech Mahindra, NTPC, Tata Consultancy Services, ONGC and HCL Technologies were among the notable losers.
  10. The overall market breadth was extremely positive as 1,834 shares ended higher while 689 closed lower on the BSE.




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