Sensex up 2,500 points, Nifty jumps over 1,000 points after exit polls predict PM Modi’s ‘massive’ victory

Sensex was up by 2,500 points and Nifty jumped over 1,000 points in pre-open trade over NDA’s victory predictions by the Exit Poll agencies on Monday.

The market opened on upward trend as predictions are in the air that Bharatiya Janata Party-led Nationa Democratic Alliance (NDA) is set to return with massive majority.

Earlier on the closing day on Friday, the stock markets snapped their five-day losing run with the benchmark BSE Sensex closing higher by 75 points on value-buying in banking and oil shares after recent losses.

The 30-share BSE Sensex rose by 75.71 points or 0.10 per cent to settle at 73,961.31. During the session, it hit a high of 74,478.89 points and a low of 73,765.15 points. Halting its five-day losing streak, the 50-share NSE Nifty rose by 42.05 or 0.19 per cent to end at 22,530.70.

Nifty and Sensex tanked more than 2 per cent in the five days to Thursday amid high volatility ahead of the results of the Lok Sabha polls.

“The pre-election trading strategy has come to an end, and all eyes will be on the release of the exit poll for further action. Regional diversions, marginally low voter turnout and strong resistance at current range are prompting investors to adopt a cautious stance,” Vinod Nair, Head of Research, Geojit Financial Services said.

From the Sensex pack, Tata Steel, Bajaj Finance, HDFC Bank, Power Grid, IndusInd Bank, Larsen & Toubro, ICICI Bank were among the gainers. Nestle India, Tata Consultancy Services Maruti Suzuki India, Infosys, Axis Bank, Hindustan Unilever were the laggards..In Asian markets, Shanghai, Tokyo, Seoul and Hong Kong were closed on a mixed note.

European stock markets were trading lower. Major indices on Wall Street ended lower on Thursday. Global oil benchmark Brent crude went lower 0.40 per cent to USD 81.53 a barrel. Foreign Institutional Investors (FIIs) offloaded equities worth Rs 3,050. 15 crore on Thursday, according to exchange data.