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Terrific Tuesday for markets! Sensex hits all-time high of 39,560, Nifty breaches 11,870 mark

Business Today logo Business Today 21-05-2019
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Continuing its gaining momentum, the Bombay Stock Exchange (BSE) benchmark Sensex gained 207 points to hit an all-time high of 39,560, breaching its previous record of 39,487 hit on April 18 this year, helped by gains in index heavyweights such as HDFC, Bajaj Finance, Hindustan Unilever Ltd, Reliance Industries and Vedanta.

The record run has been fuelled by exit polls predicting Narendra Modi government to return at the Centre. Nifty too rose 49 points to hit a fresh all time high of 11877.25, breaking its record high level of 11,856.

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Gains in the benchmark indices were led by rally in pharma and Fast Moving Consumer Goods (FMCG) stocks. While BSE healthcare rose 0.73 per cent to 13,438.62, FMCG indicx gained 0.47 per cent to trade at 11,882.80.

Top gainers of the BSE Sensex pack were Housing Development Finance Corporation Ltd. (Rs 2172.40, 2.60%), Reliance Industries Ltd. (Rs. 1343.60, 1.37%), Bajaj Finance Ltd. (Rs. 3447.00, 1.18%), Hindustan Unilever Ltd. (Rs. 1790.15, 0.99%), IndusInd Bank Ltd. (Rs. 1506.70, 0.94%).

A gain in broader markets also contributed to rally in the market with midcap and smallcap gaining as much as 10.3 points and 65.55 points, respectively.

The market breadth, indicating the overall strength of the market, was positive with 760 stocks rising compared to 401 falling on BSE.

On Monday, the Sensex set a new record by posting its highest-ever single day gain in 10 years after exit polls predicted that BJP-led National Democratic Alliance (NDA) would get a clear majority in the 2019 Lok Sabha elections. The 30-share barometer rose 1,421 points or 3.75 per cent to close at 39,352, posting its highest single-day gain in the last ten years. The Sensex surpassed previous one-day gain of 2,110.79 points reported on May 18, 2009. The sensex was just 135 points short of its all time high. The Nifty ended at 11828.25, up by 421.1 points or by 3.69 per cent, just 28 points below its record high of 11,856. 

According to exit polls results, the Narendra Modi government is all set to come to power in the country with an even bigger margin than the 2014 elections. As per India Today-Axis My India Exit Poll, the Bharatiya Janata Party (BJP)-led NDA will win around 339-365 seats, while the Congress party will be reduced to 77-108 seats. The Lok Sabha polls result will be announced on May 23.

Market experts opined that the stock market will cheer the prospect of a stable government at the centre. Also, the possibility of the BJP returning with absolute majority can lift the spirit further.

Overseas, the Asian stocks were trading mixed, tracking negative closing on Wall Street in overnight trade, as investors turned jittery after US against Huawei Technologies Co. Continued China-US trade tensions also weighed on investor sentiment.

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