Markets ride high on exit poll results

The rupee continued its upward surge at a one-month high,firming up another 30 paise to 61.75 against the dollar.

The CNX Nifty on the NSE rose 80.15 points,or 1.3 per cent,to close at 6,241.10.

Analysts said exit poll predictions of gains for BJP when results are out on Sunday would be seen as bolstering its chances of victory in general elections due by May.

Raghu Kumar,cofounder,RKSV,said,“It is to be seen how the news will affect the markets through the next week,since confirmation of the polls will only be revealed on Sunday. If the results go hand in hand with the exit polls,we could see a huge boost in equity and currency markets next week and possibly through the end of December.”

“Actual buying is still missing as the rally was sentiment-driven and sellers stayed away. Even short covering added fuel to this rally,” said Shrikant Chouhan,head-technical research,Kotak Securities,

During the day,capital goods,infra and metal stocks and banks did well,whereas pharmaceuticals and FMCG stocks remained weak. Technology stocks also showed weakness on the back of steep appreciation in the rupee.