Exit Polls: Market Jumps Rupee Gains
Domestic financial market boosted on Monday after the end of last phase of Lok Sabha elections and cheerful exit polls that the ruling NDA government will continue with full majority. Most of the exit polls stated that the BJP aligned NDA will get approx 300 seats to comfortably cross the majority mark of 272 in the Lok Sabha in the elections which results are going to be declared on 23rd May.
The exit poll led to BSE Sensex raise over 900 points and the Rupee gaining 79 paise against US Dollar.
After raising over 962 in the early session, the 30-share index pared some gains and was trading +1,100.33 with 2.89 percent, higher at 39,304.40.
Similarly, the broader NSE Nifty was trading 203.05 points, or 1.78 percent, up at 11,610.20.
Top gaining companies in the Sensex pack include Maruti, L&T, SBI, ICICI Bank, RIL, M&M, IndusInd Bank, Axis Bank, Yes Bank, and Vedanta, rising to 4 percent and on the other hand Bajaj auto, Infosys and HCL Tech slipped 2 percent.
The Rupee opened at 70.36 the interbank forex market, then gained more and touched 69.44 with a total gain of 79 paise, On Friday rupee settled at 70.23.
During this market, regulators, SEBI and stock market have pushed up their surveillance mechanism to check any manipulative activity this week as we expect more to come out after the declaration of election results on 23rd May.
The market response after exit polls is beyond expectations and likely to show up more further and after the declaration on the results on Thursday.