Mumbai
Benchmark indices ended Monday’s session at record closing high, surging almost 4 per cent, a day after exit polls predicted the return of the Narendra Modi-led National Democratic Alliance (NDA) to power. In the process, the S&P BSE Sensex reclaimed the 39,000-mark, while the Nifty Bank posted its biggest one-day gain.
The S&P BSE Sensex ended the day 3.75 per cent, or 1,422 points, higher at 39,352 levels, with State Bank of India, YES Bank, IndusInd Bank, Larsen & Toubro, and YES Bank leading the list of gainers. Infosys and Bajaj Auto, however, settled in the red. The market breadth remained in favour of buyers as 2,018 stocks advanced and 611 declined, The broader Nifty50 gained 421 points, or 3.7 per cent, to settle at 11,828.
Dhiraj Relli, MD & CEO, HDFC Securities said the markets seem to have almost fully discounted the outcome of final election results.
“Indian markets expectedly cheered the outcome of the exit polls and Nifty registered its largest point gain since January 25, 2009. Markets seem to have almost fully discounted the outcome of final election results. Institutional buying was seen on Monday, which triggered some amount of short covering,” Relli said.
“Over the next three days, markets could look up to corporate results and/or global developments. For a large change in inflows, key cabinet berth allocation and initial policy announcements will be keenly awaited. Meanwhile, one hopes globally risk-on trade continues,” he said
