Exit Poll 2019: Sensex jumps over 950 points after exit poll predict PM Modi-led NDA returns
Indian shares upsurge on Monday with the BSE benchmark Sensex rising over 900 points, a day after several exit poll predicted Prime Minister Narendra Modi-led NDA government comeback at Centre with a comfortable majority.
The S&P BSE Sensex surged as much as 962.12 points to hit 38,892.89 in opening trade. Nifty50 index touches to t11,694.10, up 286.95 points from the previous close, rising 285 or over 2.5%.
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
"Any movement in the markets till election results will depend on the positions investors have taken. If there is a huge short position, a rally may be on the cards but it will be short-lived since valuations are not cheap at present," AK Prabhakar, IDBI Capital, told NDTV.
On Sunday soon after the polling in 542 seats concluded, 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.
As of 9:35 am, the Sensex was up 652 points or 1.74% at 38,591.47 and the Nifty was higher by 195.75 points or 1.72% at 11,611. At 10:00 am, the Sensex traded 845.33 points - or 2.23 per cent - higher at 38,776.10, while the Nifty was up 246.50 points, or 2.16 per cent, higher at 11,653.65.