Sensex, Nifty hit record highs as early trends hint at Modi’s second term

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Published: May 23, 2019 10:10:10 AM

As counting of votes for the Lok Sabha election began, Nifty and Sensex soared.

The number of securities that hit the upper circuit limit was 115, while 119 scrips touched their respective lower circuits, according to BSE. (File photo)(File photo)

The benchmark BSE Sensex rallied nearly 800 points and the NSE Nifty soared over 200 points to hit their respective record highs in early trade Thursday, as counting of votes for the Lok Sabha election began. According to traders, investor sentiment was boosted by initial trends that suggested a win for the ruling NDA.

Amid market euphoria, the rupee also appreciated 26 paise to 69.40 against the US dollar in opening trade.
The 30-share index zoomed over 2 per cent to hit an intra-day high of 39,901.59. Similarly, the broader NSE Nifty too spurted more than 2 per cent to touch a record of 11,968.95.

Also Read: Rupee opens positive at 69.45 against the previous close of 69.66

In the previous session, the Sensex ended 140.41 points or 0.36 per cent, higher at 39,110.21; and the broader NSE Nifty rose 28.80 points, or 0.25 per cent, to 11,737.90. Top Sensex gainers in morning trade include IndusInd Bank, SBI, L&T, PowerGrid, Yes Bank, Kotak Bank, ICICI Bank, RIL, HDFC, Bharti Airtel and Axis Bank, rallying up to 7 per cent. While, Vedanta, ONGC, Bajaj Auto and Sun Pharma slipped up to 1.92 per cent.

Meanwhile, foreign institutional investors sold equity worth Rs 965.02 crore on Wednesday, while domestic institutional investors sold shares to the tune of Rs 157.75 crore, provisional data available with stock exchanges showed. Elsewhere in Asia, bourses in China, Japan and Korea were trading on a negative note in their respective early sessions. Brent crude, the global benchmark, was trading at 70.58 per barrel, lower by 0.58 per cent.

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