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Sensex rises 245 points ahead of Narendra Modi’s swearing-in ceremony

LiveMint logoLiveMint 26-05-2014 Ashwin Ramarathinam

Mumbai: The 30-share Sensex rose 243.48 points to 24,959.14 points on Monday ahead of Narendra Modi’s swearing-in as India’s prime minister later in the day.

At 9.17am, the Sensex was trading 0.99%, or 243.48 points, at 24,936.83 points, while the National Stock Exchange’s (NSE’s) broader 50-share Nifty was trading up 0.92%, or 67.85 points, at 7,434.95 points.

The gainers included Mahindra and Mahindra Ltd that was trading up 2.67% at `1,189 per share, while NTPC Ltd rose 2.28% to `164 per share.

The BSE capital goods and metal indices gained 1.46% and 1.26%, respectively.

Shares of Cipla Ltd were trading down 0.25% at `386 per share.

The Bharatiya Janata Party’s (BJP’s) Narendra Modi led his party to a decisive victory in the April-May general election, securing 282 seats in the 543-seat lower house of Parliament. The former Gujarat chief minister will be sworn in on Monday evening, along with his Cabinet of ministers.

Also on Monday, Gail India Ltd, Britannia Industries Ltd and Wockhardt Ltd were set to announce their January-March quarter earnings.

China’s Shanghai Composite was trading up 0.3% amid speculation policy makers will take further steps to bolster economic growth, while Hong Kong’s Hang Seng was trading gained 0.28% and Japan’s Nikkei Stock Average gained 0.73%. Bank of Japan economists said the economy will probably grow above potential from the summer, according to the minutes released on Monday from a 30 April meeting.

Overnight, US markets gained on Friday. The Dow Jones Industrial Average gained 0.38%, as the S&P 500 was up 0.42%, scaling to its record high, and the Nasdaq Composite gained 0.76%. The Standard and Poor’s 500 Index rose for the week to a record and small-cap shares rebounded amid better-than-estimated data that boosted confidence in the strength of the world’s largest economy.

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