Exit poll reports of BJP win send markets soaring; Sensex, Nifty hit fresh peaks

Stock indices Sensex and Nifty rallied more than 3 per cent to close at lifetime highs on Monday (June 3) following across-the-board buying as exit polls predicted a huge win for the BJP-led NDA in the Lok Sabha elections.

The 30-share BSE Sensex soared by 2,507.47 points or 3.39 per cent to settle at a new closing peak of 76,468.78. It was biggest single-day gain in three years.

During the day, the barometer rose by 2,777.58 points or 3.75 per cent to hit a record intra-day peak of 76,738.89.

Soaring high

The NSE Nifty climbed 733.20 points or 3.25 per cent to finish at 23,263.90. During the day, it soared 808 points or 3.58 per cent to hit a fresh intra-day all-time high of 23,338.70.

A sharp rally in blue-chip stocks Reliance Industries, ICICI Bank, HDFC Bank and State Bank of India boosted the indices to new levels. Strong GDP data also added to the buoyancy.

Shares of all Adani Group companies continued their sharp rally on Monday. Adani Power surged nearly 16 per cent, in line with a massive surge in the equity market.

The gainers

Among various sectors, PSUs, power, utilities, oil, energy, capital goods and realty indices soared up to 8 per cent.

Exit polls on Saturday predicted that Prime Minister Narendra Modi will retain power for a third straight term, with the BJP-led NDA expected to win a big majority in the Lok Sabha battle.

Among the 30-Sensex companies, NTPC, State Bank of India and Power Grid jumped over 9 per cent each.

Foreign investors

Larsen & Toubro, Axis Bank, Reliance Industries, UltraTech Cement, Mahindra & Mahindra, IndusInd Bank, ICICI Bank and Tata Steel were the other big gainers.

Foreign Institutional Investors (FIIs) bought equities worth Rs 1,613.24 crore on Friday, according to exchange data.

The BSE benchmark climbed 75.71 points or 0.10 per cent to settle at 73,961.31 on Friday. The Nifty advanced 42.05 or 0.19 per cent to end at 22,530.70.