Lok Sabha Election Result Impact: Sensex soars close to 500 points to all-time highs as NDA leads UPA

Lok Sabha Election 2019: The big result day brings big news for investors on Dalal Street as the benchmark index BSE Sensex jumped by a massive 500 points on the opening bell. The 30 share index shot up to a record high, opening at 39,650 with over 1.3% jump. While the 50 share NSE Nifty 50 opened at a record high of 11,897, over 1.3% up. As the investors are expecting NDA to return to power, the market is expected to remain action packed today (Read: Highly Positive). The initial market trends have so far set all new highs on the street. According to traders, investor sentiment was boosted by initial trends that suggested a win for the ruling NDA.

Amid market euphoria, the rupee also appreciated 26 paise to 69.40 against the US dollar in opening trade. The 30-share index zoomed over 2 per cent to hit an intra-day high of 39,901.59. Similarly, the broader NSE Nifty too spurted more than 2 per cent to touch a record of 11,968.95. In the previous session, the Sensex ended 140.41 points, or 0.36 per cent, higher at 39,110.21; and the broader NSE Nifty rose 28.80 points, or 0.25 per cent, to 11,737.90.

Top Sensex gainers in morning trade include IndusInd Bank, SBI, L&T, PowerGrid, Yes Bank, Kotak Bank, ICICI Bank, RIL, HDFC, Bharti Airtel and Axis Bank, rallying up to 7 per cent. While, Vedanta, ONGC, Bajaj Auto and Sun Pharma slipped up to 1.92 per cent.

Meanwhile, foreign institutional investors sold equity worth Rs 965.02 crore on Wednesday, while domestic institutional investors sold shares to the tune of Rs 157.75 crore, provisional data available with stock exchanges showed. Elsewhere in Asia, bourses in China, Japan and Korea were trading on a negative note in their respective early sessions.

Brent crude, the global benchmark, was trading at 70.58 per barrel, lower by 0.58 per cent.