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| Sensex expected to rise by more than the Lok Sabha strength |
| Press Trust of India / Mumbai/New delhi May 16, 2009, 14:20 IST |
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Cheering the people's verdict for a pro-reform government, market participants today said that the bourses would welcome the poll results with a rally on Monday of more than 543 points -- the number of seats in the Lok Sabha.
Soon after the trends became clear that the Congress-led UPA would form the government again, but without Left support this time, the analysts said that the Sensex could rise by 700-800 points on Monday -- the first trading day after the announcement of the results.
"The verdict of the people is clear ... The Left is left out. The UPA has a clearer mandate than they had during the last elections," Kejriwal Research and Investment Services Head Arun Kejriwal told PTI.
"(The) market would react positively on Monday and could gain 500-700 points. In the coming three days, we will witness a hefty 8-10 per cent rally in the Indian markets," he said.
The Sensex had surged 300.51 points on Friday to settle at 12,173.42 points. A rally of 500-700 points could take the benchmark index closer to 13,000 on Monday.
Kejriwal exuded confidence that the market would continue to trade on the higher trajectory in the coming week.
Brokerage firm SMC Global Vice-President Rajesh Jain also said that the market would open strong on Monday and could rally by up to 400 points in early trade.
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