Updated: May 20, 2019 8:25:02 pm
Overcoming last week’s uncertainty, the share market Monday rallied on exit polls predictions, hinting the return of Narendra Modi-led NDA to power, with benchmark indices Sensex and Nifty zooming over 1,422 and 421 points respectively at the day’s end. The rupee also strengthened by 64 paise to 69.59 against the US dollar during the day. This the biggest single-day gain in Indian stocks since September 2013, Reuters reported.
The market had been jittery in the past week amid fears of a non-majority coalition government at the Centre. But a majority of exit polls Sunday forecast a clear majority for the ruling NDA, with some of them projecting their seat share to be more than 300, hence crossing the majority mark of 272 in the Lok Sabha comfortably. The results of the seven-phase polls will be announced on May 23.
Exit Poll Results 2019: Check state-wise Lok Sabha election exit poll results
Here’s how the market responded today
Sensex, Nifty roar ahead on Exit Poll predictions
The Sensex ended 1,421.90 points, or 3.75 per cent, higher at 39,352.67. During the day, the gauge hit a high of 39,412.56 and a low of 38,570.04.
Top gainers include SBI, IndusInd Bank, Tata Motors, L&T, Yes Bank, HDFC, M&M, Maruti, ONGC, RIL, ICICI Bank and Axis Bank, rising up to 8.64 per cent.
On the other hand, Bajaj Auto and Infosys defied the market sentiment and registered loss on bourses. Bajaj was the biggest loser in the Sensex pack as it slid 1.18 per cent over its previous close of Rs 3,041.80. At the NSE, the company fell 0.82 per cent to close the counter at Rs 3,015.
Infosys’ shares slid over 1.40 per cent to close at Rs 722.40.
Meanwhile, The broader NSE Nifty also soared 421.10 points, or 3.69 per cent, to 11,828.25. The broader BSE midcap and smallcap indices ended in line with benchmarks, rallying up to 3.57 per cent.
Rupee surges ahead of US dollar on
The Indian rupee also appreciated by 49 paise to 69.74 against the US dollar Monday, riding on the positive opening in domestic equities. On Friday, the rupee had settled at 70.23 against the US dollar. Forex traders said investors welcomed the exit poll results that predict a thumping majority for the current BJP-led government.
Rupee opened at 70.36 and advanced to a high of 69.44 at the interbank foreign exchange during the day. This was the domestic currency’s biggest gain in last two months.
Benchmark US crude picked up 12 cents to $62.88 per barrel in electronic trading on the New York Mercantile Exchange. It lost 11 cents to $62.76 per barrel on Friday. Brent crude, the global benchmark, was trading at $72.61 per barrel, higher by 1.40 per cent.
Investor wealth soars Rs 5.33 lakh crore
Keeping up with the soaring equities, the BSE-listed companies jumped by Rs 5,33,463.04 crore, ending the day at Rs 1,51,86,312.05 crore against Rs 1,46,58,709.68 crore on Friday.
This is the third consecutive session of gain for domestic stocks and in these three trading sessions, the market capitalisation of BSE-listed companies has jumped by Rs 7.48 lakh crore.
Bullions slump due to surge in domestic equities
Gold prices fell Monday by Rs 150 to Rs 32,720 per 10 gram in the national capital. Sentiments weakened on the back of a weak global trend, and the fall in demand from local jewellers also put pressure on the precious metal, traders said. Moreover, gain in domestic equity markets and rupee also weighed on bullion prices, they added.
Silver plunged Rs 250 to Rs 37,350 per kg on reduced demand by industrial units and coin makers.
(With inputs from PTI and Reuters)
📣 The Indian Express is now on Telegram. Click here to join our channel (@indianexpress) and stay updated with the latest headlines
- The Indian Express website has been rated GREEN for its credibility and trustworthiness by Newsguard, a global service that rates news sources for their journalistic standards.