Sensex jumps 1422 points, zooms past 39K; Nifty crosses 11K
Mumbai: BSE Sensex skyrockets 1,421.90 points to close at 39,352.67; Nifty zooms 421.10 points to 11,828.25 as investors cheered exit poll results that showed a likely win for the ruling NDA in the general elections.
Top gainers in the Sensex pack include SBI, Yes Bank, Tata Motors, L&T, ICICI Bank, IndusInd Bank, ONGC, Maruti, M&M, Axis Bank, RIL, Hero MotoCorp, HDFC, Vedanta, Asian Paints, Tata Steel and Bajaj Finance, rising over 7 per cent.
On the other hand, Bajaj Auto and Infosys slipped up to 1 per cent.
Most exit polls Sunday forecast another term for Prime Minister Narendra Modi, with some of them projecting that BJP-led NDA will get more than 300 seats to comfortably cross the majority mark of 272 in the Lok Sabha.
The results of the seven-phase polls will come out Thursday.
'If exit polls are right a BJP single party majority may result in an up-move of 5-10 per cent of the Nifty in the near term. However, a non NDA government may lead to a 10-15 per cent correction in Nifty, if we go by market reactions in 2004 and 2009 to big surprises,' UBS Securities said in a research note.