Exit polls put Narendra Modi @ PMO, BSE Sensex, NSE Nifty hit all-time highs

May 13 2014, 18:09 IST
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While the BSE Sensex went its merry way, it was joined by NSE Nifty, which itself rose as much as 2.25 percent to hit a record high of 7,172.35. (AP) While the BSE Sensex went its merry way, it was joined by NSE Nifty, which itself rose as much as 2.25 percent to hit a record high of 7,172.35. (AP)
SummaryBSE Sensex today crossed 24,000-point level for the first time ever.

election optimism overshadows issues like tepid earnings growth, fiscal deficit and sticky inflation.

"While the long-term uptrend remains intact, the market looks a bit stretched as it has discounted 260-270 seats for NDA now, so a rally would extend only if we get a positive surprise of say 300 seats," said Aneesh Srivastava, chief investment officer at IDBI Federal Life Insurance.

"The market had wind of exit polls' results and therefore had run nearly 5 percent in two days before that."

The BSE index ended up 1.36 percent at 23,871.23, while the NSE index ended 1.35 percent higher at 7,108.75, adding to their over 4 percent gains in the previous two sessions.

Shares of companies tied to the domestic economy led the gains. Bharat Heavy Electricals Ltd jumped 10.2 percent, while Oil and Natural Gas Corp Ltd rose 3.9 percent.

Larsen & Toubro Ltd rose 1.6 percent, while mortgage lender Housing Development Finance Corp ended 1.2 percent higher. The NSE bank sub-index ended 0.6 percent higher after earlier hitting a record high at 14,367.75.

State Bank of India Ltd gained 1.5 percent, while Bank of Baroda Ltd rose 4.5 percent.

Among other domestic-oriented stocks, Ambuja Cements Ltd surged 4.8 percent, and Tata Power Co Ltd rose 3.7 percent. However, Dr. Reddy's Laboratories Ltd, India's second-largest drugmaker by sales, slumped 4.1 percent after its quarterly net profit fell short of analyst estimates due to a rise in expenses. For additional stocks on the move double click

FACTORS TO WATCH

* Euro drops to 1-month low after German ZEW survey

* Brent slips towards $108 as Libya eyes output boost

* Strong results hoist European shares to 6-yr high

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