Sensex Surges Over 600 Points After BJP's Landslide Victory In 2019 Polls
The S&P BSE Sensex and NSE Nifty 50 Index staged a sharp upmove a day after Prime Minister Narendra Modi-led National Democratic Aliance (NDA) won an overwhelming majority in the recently concluded general elections. PM Modi's Bharatiya Janata Party improved on its previous term's tally of 282 seats and won over 300 seats in the Lok Sabha elections while the Congress-led United Progressive Alliance (UPA) won on 92 seats. Analysts say that an NDA victory was priced in but BJP improving its own tally and winning over 300 seats boosted investor sentiment and fuelled hopes of structural economic reforms and higher spending on building infrastructure.
The Sensex surged 623 points or 1.61 per cent to close at 39,435 and the NSE Nifty 50 Index advanced 187 points or 1.6 per cent to end at 11,844.
Gains in ICICI Bank, HDFC Bank, Larsen & Toubro, State Bank of India and Infosys alone contributed over 350 points towards rally in the Sensex.
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