Sensex soars after Exit Poll

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The benchmark sensex soared on Monday after the exit poll result predicting a NDA sweep as it registered more than 1000 points.

The S&P BSE Sensex surged as much as 1,133 points or nearly 3 per cent to reclaim 39,000 mark and the NSE Nifty climbed 336 points from the previous close to hit intraday high of 11,743.

Advances in financials, auto, energy and metal stocks supported the strong up move in the equity markets.  However all the analysts said the current rally could be short-lived before election results are declared on Thursday.

Top gainers on the 50-scrip index at the time were Adani Ports, Indiabulls Housing Finance, State Bank of India (SBI), Grasim Industries, UltraTech Cement and Larsen & Toubro, trading between 5.06 per cent and 7.35 per cent higher.

Reliance Industries, HDFC and ICICI Bank contributed the most to the advances on Sensex.

“Any movement in the markets till election results will depend on the positions investors have taken. If there is a huge short position, a rally may be on the cards but it will be short-lived since valuations are not cheap at present,” AK Prabhakar, IDBI Capital, told media.

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