Sensex jumps over 500 points as investors cheer BJP’s thumping victory

New Delhi: Indian shares rallied on Friday with the BSE benchmark Sensex rising over 500 points as investors turned bullish over the prospects of Indian economy after Prime Minister Narendra Modi’s landslide victory in the general election.

The Bharatiya Janata Party (BJP) was ahead in 303 out of 542 seats in the Lok Sabha, according to latest data from the election commission. Domestic and foreign investors drive comfort from the fact that there will be continuity of policies and reform measures.

As of 1:25 pm, The Sensex was up 1.40% or 543 points at 39,354.44 while the Nifty was higher by 157 points or 1.35% at 11,814.35. Gains in the market were led by financials, auto and capital goods stocks. The banking sub-index of Sensex was higher by 2.25% led by gains in ICICI Bank, SBI, Bank of Baroda and PNB. PSU banks drove gains in markets today as investors believe there will be further consolidation in the sector.

Among the Nifty50 stocks, Bharti Airtel was the top gainer, up 3.56% followed by L&T and ICICI Bank, which jumped over 3% each. Out of the 50 stocks in Nifty, only eight were in the red while 42 were in the green.

On Thursday, both the benchmark indices shot to record levels after BJP was seen getting a clear majority on its own. However, both indices closed around 0.70% lower on profit booking in the last hour of trade.

Analysts expect FPI flows to India may improve in the coming days as Modi’s thumping victory almost assures continuity of reforms. “Given the clear mandate for the government, we would expect significant increase in foreign fund inflows into the Indian markets in the coming years,” ICICI Securities ED Ajay Saraf told the Economic Times.

Worth mentioning here is that India is still the fastest-growing large economy in the world with 6% plus GDP growth. The strong mandate to the Modi government will surely boost FPI’s confidence in the Indian markets, say analysts.
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