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Modi 2.0 impact on stock markets: Sensex soars whopping 623 points day after massive NDA win at hustings
Sensex had opened at 39,076.28 and has so far touched an intra-day high of 39,395.92 and a low of 38,824.26 points. The Nifty50 was up 127.75 points or 1.10 per cent at 11,784.80 points.
A day after the Modi government retauned power as the results of the Lok Sabha Elections filtered in, the stock markets soared by a massive 623 points, which is today. This stems from the positive sentiment craeted by the Modi government as it is widely believed by teh market participants that its focus will be on powering the economy to new highs.
Notably, it was the exit polls that first hinted at return of power by the Modi led NDA government that set fire to stock markets. Thereafter, when the Lok Sabha counting of votes started showing the same trends on 23rd May, the stocks rocketed by over 1400 points even though Sensex gave up the gains later in day as investors booked profits. Today, again, the same sentiment grabbed the markets and notably, this time they closed massivelty in the green.
Sensex closed up 623.33 points at 39434.72, while Nifty was up 187.10 points at 11844.10. About 1823 shares have advanced, 676 shares declined, and 150 shares are unchanged. All the sectoral indices ended in the green led by BSE PSU Bank (up 5.5%) followed by auto, metal and infra gained more than 2 percent. ICICI Bank, Zee Entertainment, Vedanta, Tata Steel and Bharti Airtel were among major gainers in the Nifty, while Tech Mahindra, NTPC, ONGC, TCS and HCL Tech were some of the losers.
At 1.45 pm, Sensex was trading at 39,282.59, higher by 471.20 points or 1.21 per cent from the previous close of 38,811.39 points. It had opened at 39,076.28 and has so far touched an intra-day high of 39,395.92 and a low of 38,824.26 points. The Nifty50 was up 127.75 points or 1.10 per cent at 11,784.80 points.
— Zee Business (@ZeeBusiness) May 24, 2019
The benchmark BSE Sensex rallied over 400 points in early trade today, and after hitting a high of 39,223.85, the 30-share index was trading 170.51 points, or 0.44 per cent, higher at 38,981.90. However, the broader NSE Nifty spurted 54.15 points, or 0.46 per cent, to 11,711.20.
In the previous session on Thursday, the BSE Sensex surged over 1,000 points to touch the 40,000-mark for the first time ever following the BJP's stellar electoral performance, but failed to sustain the momentum as investors chose to cash in on the gains. The Sensex ended 298.82 points, or 0.76 per cent, lower to close at 38,811.39, while the Nifty settled 80.85 points, or 0.69 per cent, down at 11,657.05.
Amid market euphoria, the rupee also appreciated 23 paise to 69.78 against the US dollar.
On Thursday, foreign institutional investors reportedly bought equity worth Rs 1,352.20 crore, while domestic institutional investors sold shares to the tune of Rs 593.54 crore, provisional data available with stock exchanges showed.
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