Exit polls make investors richer by Rs 533 lakh crore

first_imgMumbai: With most of Sunday’s exit polls predicting victory for the Narendra Modi-led National Democratic Alliance (NDA) Government in the just concluded Lok Sabha elections, investor wealth on Monday soared by Rs 5,33,463.04 crore in the Bombay Stock Exchange (BSE). At the end of Monday’s trading session, the market capitalisation of BSE-listed companies stood at Rs 1,51,86,312.05 crore against Rs 1,46,58,709.68 crore on Friday.This is the third consecutive session of gain for domestic stocks and in these three trading sessions, the market capitalisation of BSE-listed companies has jumped by Rs 7.48 lakh crore. The BSE Sensex zoomed past the 39,300 mark, up by over 1,422 points, while the National Stock Exchange’s (NSE) Nifty reclaimed the 11,800 level on Monday as investors cheered the outcome of the exit polls that predicted a clear majority for the ruling Bharatiya Janata Party (BJP)-led NDA. Also Read – India gets first tranche of Swiss account details under automatic exchange frameworkBarring Bajaj Auto and Infosys, all the Sensex scrips settled with gains. Analysts believe Modi’s BJP retaining power would ensure a continuation of the pro-business reform measures initiated during the NDA’s first term. “What would help the markets sustain momentum is factors that are fundamentally important, like decisive policy initiatives from the new government, faster land and labour reforms, and also the unfinished task of quick consolidation and re-organisation of the banking system,” said Emkay Wealth Management Head of Research Joseph Thomas. Also Read – Afghan Taliban frees 3 Indian hostages in exchange for 11 top militant leaders: ReportsThe rupee appreciated by 49 paise, the biggest single-day gain in two months, to close at 69.74 against the dollar on Monday, following sharp gains in equities and forex inflows. At the interbank foreign exchange, the domestic unit opened at 70.36 and advanced to a high of 69.44 during the day. The 10-year bond yield was at 7.29 per cent as compared with Friday’s close of 7.36 per cent. The counting of votes will take place on May 23.last_img

Leave a Reply

Your email address will not be published. Required fields are marked *