Benchmark indices ended Monday's session at record closing high, surging almost 4 per cent, a day after exit polls predicted the return of the Narendra Modi-led National Democratic Alliance (NDA) to power. In the process, the S&P BSE Sensex reclaimed the 39,000-mark, while the Nifty Bank posted its biggest one-day gain.
The S&P BSE Sensex ended the day 3.75 per cent, or 1,422 points, higher at 39,352 levels, with State Bank of India, YES Bank, IndusInd Bank, Larsen & Toubro, and YES Bank leading the list of gainers. Infosys and Bajaj Auto, however, settled in the red. The market breadth remained in favour of buyers as 2,018 stocks advanced and 611 declined, The broader Nifty50 gained 421 points, or 3.7 per cent, to settle at 11,828.
BIGGEST GAIN POST EXIT POLLS SINCE 1999
Monday's gain is also the biggest gain for the benchmark indices after exit poll results since the 1999 Lok Sabha elections. On the previous exit poll day -- May 13, 2014 -- the S&P BSE Sensex and Nifty50 were up 2.4 per cent each.
Polling for the seventh and final phase of Lok Sabha (LS) elections 2019 ended on Sunday evening, with most exit polls predicting the Bharatiya Janata Party’s (BJP’s) phir ek baar Modi sarkar, or ‘once more Modi government’ slogan likely to get vindicated on the counting day on Thursday (May 23).
In the broader market, the S&P BSE MidCap index gained 493 points, or 3.57 per cent, to end at 14,819, while the S&P BSE SmallCap index was up 3.6 per cent, or 493 points, higher at 14,381.
Shares of Adani Group companies surged up to 17 per cent intra-day on the BSE on Monday supported by heavy buy volumes after exit polls predicted the Bharatiya Janta Party (BJP)-led National Democratic Alliance (NDA) to form government on May 23.
Shares of public sector banks were on a roll with Nifty PSU Bank index surging 7 per cent intra-day on the National Stock Exchange (NSE) amid expectations that the ruling National Democratic Alliance (NDA) may retain power at the Centre. Indian Bank, Bank of Baroda, Bank of India (BOI), Canara Bank, Allahabad Bank and Syndicate Bank were up more than 7 per cent each on the NSE.