Sensex rides Modi euphoria, vaults over 623 points to lifetime high

PTI, May 24, 2019, 4:52 PM IST

Mumbai: Equity benchmark Sensex on Friday shot up over 623 points to close at a record high of 39,434.72 as investors felt assured of policy stability after a decisive mandate for the Narendra Modi-led BJP in the general elections. The NSE Nifty also surged over 187 points to close at a fresh lifetime high of 11,844.10.

The Bharatiya Janata Party (BJP) has won over 300 seats on its own out of 542 seats in the Lok Sabha elections — the first back-to-back majority for a single party since 1984.

Analysts believe the emphatic victory for the Modi-led coalition will ensure continuation in reform measures initiated during the NDA’s first term.

Among the Sensex constituents, 26 stocks rose and 4 counters fell. ICICI Bank topped the Sensex gainers’ chart, spurting 5.09 per cent, followed by L&T, Bharti Airtel, Vedanta and Tata Motors, rising up to 4.60 per cent. Bucking the overall trend, NTPC, HCL Tech, TCS and HUL ended in the red.

The Sensex started on a positive note at 39,076.28 in the morning. It shuttled between a high of 39,476.97 and low of 38,824.26 during the session. It finally settled the day at 39,434.72, higher by 623.33 points, or 1.61 per cent.

The NSE Nifty opened at 11,748.00 and hit a high of 11,859.00 and a low of 11,658.10 during the day. It closed at 11,844.10, showing a rise of 187.05 points, or 1.60 per cent.

All 19 BSE sectoral indices traded in the green, led by realty, capital goods, industrials, telecom and auto — gaining as much as 4.25 per cent.

In the broader market, small-cap and mid-cap indices outperformed the benchmark Sensex. BSE Smallcap index soared 2.43 per cent, midcap climbed 2.09 per cent and largecap advanced 1.61 per cent. Overall, 1,827 stocks advanced and 695 declined on the BSE.