Sensex Ends 623 Pts Higher, Nifty Around 11,850 After Modi’s Win

Sensex gained close to 350 points and Nifty went past 11,750-mark in morning trade.

Photo used for representational purposes

(Photo: Reuters)

A day after Prime Minister Narendra Modi returned to power with an overwhelming majority, Indian indices ended near day's high level with Sensex up 623.33 points at 39434.72 at close, while Nifty was up 187.10 points at 11844.10.

About 1823 shares advanced, 676 shares declined, and 150 shares remained unchanged, Moneycontrol reported.

ICICI Bank, Zee Entertainment, Vedanta, Tata Steel and Bharti Airtel were among major gainers in the Nifty.

The 30-share BSE Sensex gained 265 points to open at 39,076.28 and extended its gains further. At 9.20 am, the index was up nearly 350 points and testing the 39,150-levels.

The broader 50-share NSE Nifty also gained close to 100 points in the early trade to go past the 11,750-mark.

On Thursday, as the initial trends made it clear that PM Modi is set to get a second term, the markets hit record levels, with Sensex breaching 40,000-mark for the first time in history.

However, later in the day, the markets erased gains as investors indulged in profit booking and both Sensex and Nifty finished with significant losses.

Analysts suggest the markets are expected to gain confidence in the coming days. "For markets, this means smooth functioning of existing policies, framework, economic activities and so much. This is a big thumbs up which means that all the work that has been in place for last few years would continue to function. Be it economical, fiscal or structural," Mustafa Nadeem, CEO, Epic Research said.

On Friday morning, all sectoral sub-indices, with the exception of Nifty Metal opened in the green. Bank and financial service stocks were gaining the most in the morni9ng trade.

(With inputs from Moneycontrol)