Sensex soars 537 points ahead of exit poll results

| | mumbai
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Sensex soars 537 points ahead of exit poll results

Saturday, 18 May 2019 | PTI | mumbai

The BSE Sensex soared 537 points and the NSE Nifty reclaimed the 11,400 level on Friday in a broad-based rally led by banking and auto stocks ahead of exit poll results, despite global headwinds.

Markets are pricing in the formation of a stable government and continuation of reforms, experts said.

The 30-share BSE benchmark closed 537.29 points, or 1.44%, higher at 37,930.77. Similarly, the broader Nifty rose 150.05 points, or 1.33%,  to settle at 11,407.15.

During the week, the Sensex gained 467.78 points, or 1.24%, and the Nifty advanced 128.25 points, or 1.13%.

Bajaj Finance was the top gainer in the Sensex pack on Friday, surging 6.09%, after the company reported a 50% jump in net profit for the March quarter. Bajaj Auto too ended higher following strong results.

Hero MotoCorp, Maruti, Kotak Bank, HDFC, HUL, M&M, HDFC Bank, ITC, ICICI Bank, Axis Bank, Coal India, SBI, IndusInd Bank and Asian Paints were among the other gainers, rising up to 4.26%.

On the other hand, Yes Bank, Vedanta, Infosys, HCL Tech, Sun Pharma, TCS and NTPC shed up to 2.36%.

Investors lapped up banking and auto stocks, boosting key indices, ahead of the exit poll results scheduled for Sunday.

“Indian markets have shown tremendous strength before the long-awaited exit polls, despite the ongoing ambiguity in US-China trade talks.

“With the last phase of elections scheduled for Sunday, the all-round buying across the sectors reflects market’s anticipation that exit polls may indicate the formation of a stable government,” said Jagannadham Thunuguntla, cenior vice-president and head of research (wealth),  Centrum Broking Limited.

Sectorally, the BSE auto, FMCG, finance, bankex and capital goods indices ended up to 2.45% higher. However, healthcare, IT and teck lost up to 0.99%.

Broader indices followed the benchmarks, with the BSE mid-cap and small-cap indices settling in the green.

The Indian rupee depreciated by 16 paise to 70.20 against the US dollar intra-day.

Global oil benchmark Brent crude was trading 0.26 % higher at USD 72.81 per barrel.

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