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PM Modi’s epic victory jolts share market to record high as Sensex hits 40,000 and Nifty crosses 12,000

Benchmark indices opened at record high on May 23, the counting day for Lok Sabha Election 2019, with strong possibility of the BJP returning to power for the second five-year term and a stable government at the centre. As per early trend estimates, BJP party is likely to win in the Lok Sabha elections 2019 with a thumping majority.

NDA leading media reports have jolted the market upwards in the trade today. Indian Benchmark indices Sensex and Nifty has made new record highs today. Sensex has hit 40,000 level and Nifty has crossed 12,000 level, hinting strong possibility of PM Modi coming back to power.

The S&P BSE Sensex and NSE Nifty 50 Indexes staged a gap up opening and surged to record highs after the counting trends showed Prime Minister Narendra Modi-led National Democratic Alliance (NDA) leading on over 300 seats. The results are in line with what the market participants were anticipating. The S&P BSE Sensex surged as much as 791 points to hit a fresh record high of 39,901.59 and the NSE Nifty 50 Index climbed as much as 231 points to hit an all-time high of 11,968.95. Buying in today’s session was visible across the sectors with the gauge of banking shares on the National Stock Exchange – Nifty Bank Index crossing 31,000 mark for the first time. Reliance Industries, HDFC, Larsen & Toubro, ICICI Bank and IndusInd Bank were the top contributors towards gain in the Sensex.

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