BSE Sensex, NSE Nifty hit record highs after Bharatiya Janata Party sweeps polls

Dec 09 2013, 21:33 IST
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NSE Nifty rose as much as 2.5 percent to an all-time high of 6,415.25, surpassing its previous peak hit in January 2008. NSE Nifty rose as much as 2.5 percent to an all-time high of 6,415.25, surpassing its previous peak hit in January 2008.
SummarySensex gains 2.3 pct to hit a record high, surpassing previous peak achieved on Nov 3.

The BSE Sensex and NSE Nifty today surged to new lifetime highs on all-round buying after the Bharatiya Janata Party (BJP) swept three out of 4 state polls and boosted hopes that a new government in 2014 general elections would be more business-friendly.

The BSE Sensex ended at closing high of 21,326.42 with a gain of 329.89 points or 1.57 per cent while the NSE CNX Nifty closed at 6,363.90 points, a hefty rise of 104.00 points or 1.66 per cent. Across markets, 5 out of every ten stocks rose.

This helped investor wealth soar by about Rs 75,000 crore.

Besides Bharatiya Janata Party's strong performance in Assembly polls in four states, sustained capital inflows and a firming trend in the global markets also helped markets cement gains.

Ahead of Lok Sabha polls, BJP yesterday handed a severe 4-0 drubbing to Congress in polls in which it snatched Rajasthan and retained Madhya Pradesh with landslide wins, holding on to power in Chhattisgarh and good show in Delhi.

The BSE 30-share barometer soared to an historic high of 21,483.74 points, before paring some gains to settle at an all-time closing high of 21,326.42, beating its previous record of 21,321.53 set on November 3. It had gained 287.82 points in the previous two sessions after exit polls showed Bharatiya Janata Party putting up a good show in four states.

Buying was mainly seen across-the-board with 12 out of BSE 13 sectoral indices closing in the green. The BSE Consumer durables, however, ended with a fall of 0.11 per cent.

The 50-share Nifty of the NSE also scaled a new intra-day record high of 6,415.25, surpassing its previous intra-day high of 6,357.10 registered on January 8, 2008.

Mirroring stocks movement, rupee strengthened rose to almost four-month high of 60.84 (intra-day) and was last last trading at 61.06 level against the US dollar.

Among the 30-share Sensex pack, 26 stocks closed with gains while four finished lower. ICICI Bank led the Sensex gainers with a rise of 5.16 per cent, Sesa Sterlite by 5.04 per cent, Larsen & Toubro (L&T) by 4.52 per cent and Maruti Suzuki India by 3.85 per cent and Oil & Natural Gas Corp (ONGC) by 3.48 per cent.

NTPC (2.85 per cent), Hindalco Industries Ltd (2.74 per cent), GAIL (1.80 per cent),

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