20-05-201920-05-2019 12:29:06 IST
2019-05-20T06:59:06.141Z20-05-2019 2019-05-20T06:59:00.198Z - - 26-06-2019
On Monday the Indian share market made a merry as Sensex rose over 900 points to an intraday high of 38,892. Nifty 50 indices also moved closer to the 11,700 mark. it rose over 285 points, which means a rise of 2.5%.
The rise is not limited to stock markets, but even money markets showed the sensitivity as Rupee rose to a two week high of 69.36 against the US dollar. On Friday it closed at 70.23.
Several exit polls on Sunday predicted the BJp led National Democratic Alliance is likely to return to power with over 300 seats in the Loksabha elections concluded on Sunday. The results indicate that the same government would continue for the next five years.
As per the expectations of the analysts, if the BJP led NDA government retains power, the benchmark indices may gain over 2%.
At 9.35 am on Monday, Sensex was up 652 points and the Nifty was higher by 195.75 points. The rise amounts to 1.74% and 1.72% respectively.
Top gainers are banking, metal, oil & gas and realty firms. Out of Nifty 50 stocks, Indiabulls housing Finance was the top gainer. It gained up to 4.68% followed byL&T, ICICI Bank, SBI and Maruti Suzuki.
Due to spurt on Friday and Thursday, Indian benchmark indices ended as the best performing market in the Asian region in the week before exit polls. Sensex and Nifty gained over 1%. Sensex closed at 37,930.77 and Nifty closed at 11,407.15 points. According to Piyush Garg, CIO at ICICI securities, Indian markets may head towards lifetime high if global markets remain supportive.
Head of Strategy and investments at Sharekhan, Gaurav Dua said that the return of BJP to power will boost the market sentiment.
In the last three weeks, FIIs that remained the main driver of the market rally in the last three months sold their assets in the last three weeks. The sold shares are worth nearly Rs. 4,500 cr. Experts say that the market will be stabilised if the foreign flows remain positive.
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