Sensex Jumps Over 400 Points, Nifty Moves Above 11,750

Sensex Jumps Over 400 Points, Nifty Moves Above 11,750

Domestic stock markets started Friday's session on a higher note, as Prime Minister Narendra Modi's Bharatiya Janata Party headed for a victory bigger than in 2014. The S&P BSE Sensex rose as much as 412.46 points in early trade to 39,223.85, and the NSE Nifty index rose to 11,775.55, up 118.5  points from the previous close. Advances in banking, financial services and energy stocks led the upmove.

At 9:27 am, the Sensex traded 249.39 points - or 0.64 per cent - higher at 39,060.78, while the Nifty was up 72.65 points - or 0.62 per cent - at 11,729.70. 

Top gainers on the 50-scrip benchmark index at the time were Bharat Petroleum, Indian Oil, Larsen & Toubro, Bharti Airtel, Asian Paints and Axis Bank, trading between 1.23 per cent and 3.30 per cent higher. 

HDFC Bank, HDFC, ICICI Bank contributed the most to the advances on Sensex.

The BJP's performance has exceeded its tally of 2014 today, crossing the 300-mark just three hours into counting. 

Equities in other Asian markets stumbled to a four-month low on worries the US-China trade spat was developing into a more entrenched strategic dispute between the world's two largest economies, pushing investors to safe-haven assets.

MSCI's broadest index of Asia-Pacific shares outside Japan edged down 0.2 per cent to a fresh four-month low, and was on track for a third straight weekly loss, down 1.0 per cent so far on the week.

The Sensex and Nifty indexes had ended 0.76 per cent and 0.69 per cent lower, after retreating from record highs hit during the session.

(With inputs from Reuters)

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