In a first, Sensex breaches 40,000 | Nifty crosses 12,000
As election figures started to stabilize indicating a BJP win, markets reacted with a wild bull run with record gains. Sensex went up 964 points to 40,074 as Nifty climbed 296 points to 12,034.
The news of Narendra Modi set to keep the PM’s office has re-energized the markets which have shown delight at the foreseeable stability that Modi’s leadership will bring to the political scenario.
- Sensex climbed 1000 points to break the never before touched 40,000 barrier; Nifty rose 2.52% to cross 12,000.
- The record bull-run came charged by the news of Modi’s return to power in the exit polls which successfully gauged the results.
- Top gains were fuelled by banking, consumer durables and capital goods stocks on BSE.
- Top gainers include YES Bank (8.13%), SBI (6.59%) and IndusInd Bank (6.55%). Of 30 Sensex stocks, 28 were trading in the green.
- Midcap and small cap stocks too climbed up 200 points on BSE and contributed to gains in the market.
With most stocks in green on the basis of the news of election outcome, Vedanta and TCS were the only losers on Sensex.
Indian Rupee also grew stronger
Indian Rupee holds a stronger position today, opened higher by 21 paise at 69.45 against the dollar.
Gopkumar, ED and CEO at Reliance Securities said:
“Markets were looking for stability, continuity and strong leadership rather than a fractured mandate – this has led to the new high. We believe India allocation from global funds will increase and more ETF flows are likely over the short term that could drive the markets even higher.”