Saturday, Oct 25, 2014

BSE Sensex hits one-month high as assembly exit polls see Narendra Modi ahead

Written by Press Trust Of India | Mumbai | Posted: December 5, 2013 4:08 pm

BSE Sensex rose over 1 percent on Thursday to mark its highest close in a month,as shares of blue chips,including lenders surged after assembly exit polls predicted a strong showing for the key opposition party,the Bharatiya Janata Party (BJP) in state elections held recently and took these as heralding the rise of Narendra Modi to the post of PM.

However,BSE Sensex closed below 21,000-mark as profit booking curbed the rise to about 250 points.

Markets Top Gainers,Markets Top Losers

Banking,capital goods and PSU shares were the leaders as nine 9 of the 13 sectoral indices on the BSE rose. However,healthcare,FMCG and IT shares fell.

The Sensex,which lost 189.30 points in the previous two sessions,shot up to day’s high of 21,165.60 before ending at 20,957.81 — a gain of 249.10 points,or 1.20 per cent.

Today was the first day in a month the index breached the 21,000-level after hitting 21,142.85 intra-day on November 7.

Shares of ICICI Bank shot up 6.66 per cent,followed by HDFC Bank (4.52 per cent),L&T (4.49 per cent). These three stocks accounted for over 210-point surge in the 30-share Sensex where 20 constituents ended in the green. ITC Ltd,Sun Pharmaceuticals Industries,Dr Reddy’s Laboratories and Tata Consultancy Services (TCS) were among the 10 that ended lower.

The NSE Nifty index,which breached the 6,300 level intra-day,ended 80.15 points,or 1.3 per cent,up at 6241.10.

Brokers said a flurry of buying triggered by exit poll results predicting a good show by the main Opposition party in Rajasthan,Madhya Pradesh,Chhattisgarh and Delhi elections,buoyed the trading sentiment.

“While the seat forecasts varied between the exit polls,the overall message seemed to be that BJP would be the leading party in all the 4 states. If the results are in line with the exit polls,we think it would be positive for the market. The market is looking for a strong,stable Government post 2014 elections,” Bank of America Merrill Lynch said in a report.

Mirroring the movement in stocks,the Indian rupee surged to over 5-week high of 61.53 versus dollar in early trade but lost some momentum to trade at 61.77,still 30 paise up compared to yesterday,when share market closed for the day.

Sectorally,the BSE Banking sector index gained the most by rising 4.44 per cent,followed by Capital Goods index (3.59 per cent),PSU index (1.51 per cent) and Realty index (1.48 per cent).

HIGHLIGHTS

* BSE index gains 1.2 pct; NSE ends 1.3 pct higher

* Adani Group stocks surge

* Jubilant shares plunge after FDA warning over U.S. plant

Indian shares hit one-month closing high; exit polls see BJP ahead

(Reuters) Indian shares rose more than 1 percent on Thursday to their highest close in a month as stocks of blue chip companies such as ICICI Bank surged after exit polls predicted a strong showing for the key opposition party in state elections held recently.

Confirmation of the exit poll predictions continued…

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