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Sensex posts biggest one-day gain in 10 years as Exit Polls indicate Modi Victory

Yesterday the last phase of voting for the Lok Sabha Elections 2019 got over. And much awaited exit polls came. The result was as expected. All the exit polls clearly demonstrated that NDA is going to win by a huge margin. The seats projected by various polls lies in the range of 300+ for NDA, around 80-100 for UPA and around 75-100 for others

After this much awaited prediction, there lies a wave of happiness all over the nation as PM Modi the most popular leader of the masses is coming back again to power. The markets are also showing upward trend after signs of Modi Victory

Sensex surges 900 points. Sensex opened at 38,819.68, up by 888.91 points while the Nifty opened at 11,691.30, up by 284.15 points. The Sensex rose 1,421 points to 39,352 while Nifty surged to settle at 3.7% higher at 11,828, their highest close ever. In 10 years, this is the biggest one day- gain

Analysts have suggested that the share market may hit its highest later in the trade today while it may just cross the psychological mark of 40,000 points soon.

The Indian rupee has also jumped to 2 weeks high against the US Dollar. The rupee rose 69.60 in late trade against the US dollar, as compared to its Friday’s close of 70.23. Bonds also rallied on expectations of rate cut from the RBI next month.

If the exit polls result stands true it will be very good for the stability of the market. It will also attract more investors to the market. “If the actual results are close to exit polls, we may see a revival in domestic and foreign investor sentiment towards Indian equities,” said Devang Mehta, head of equity advisory at Centrum Wealth Management.

Market analyst Sandip Sabharwal also says the exit poll results will help Indian markets decouple from global cues in the near term. He remains positive on auto, infra, capital goods and banking stocks, if a stable government is formed.

The midcap and smallcap stocks that have underperformed this year could start to outperform, said Sanjiv Bhasin, EVP for markets and corporate affairs at IIFL. He remains positive on PSU stocks.

These are all good signs for our economy. If the exit polls result stands true it will be very good for Indian Economy


Niharika

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