Sensex bounces 710 points with election trends showing second term for PM Modi

Stock markets were cheerful in early hours on Thursday as the country began counting of votes with early trends showing a comfortable win for Prime Minister Narendra Modi-led coalition in the just-concluded general elections.

At 10:00 am, the BSE S & P Sensex was up 710 points at 39,821 while the Nifty 50 gained 208 points to 11,946. At the National Stock Exchange, all sectoral indices were in the positive zone.

Among the early gainers were IndusInd Bank which gained 7.5 per cent and Indiabulls Housing Finance which moved up 5.5 per cent. Zee Entertainment, State Bank of India and Larsen & Toubro also gained between 3.5 to 4 per cent.

But Vedanta, ONGC, Hindalco, Sun Pharma and Tech Mahindra were in the red.

Meanwhile, Asian stocks traded in the red as investor concerns grew over the escalating US-China tensions.

Shares fell were in the negative zone in Tokyo, Sydney, Hong Kong, Shanghai and Seoul.

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