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Modi wave in early counting pushes Sensex, Nifty to record high; banking stocks lead gains

Sensex, which closed 1,421 points higher on Monday after exit polls indicated BJP was set to return to power, hit an all-time high of 39,901 in early trade today cheering NDA's early lead in counting of votes for Lok Sabha election 2019.

twitter-logo BusinessToday.In        Last Updated: May 23, 2019  | 10:24 IST
Modi wave in early counting pushes Sensex, Nifty to record high; banking stocks lead gains
Modi wave in early counting pushes Sensex, Nifty to record high; banking stocks lead gains

The Modi wave cheered the Indian market today with Sensex and Nifty opening at record highs of 39,591 and 11,901. Amid early trends in early counting, National Democratic Alliance (NDA) was leading on 326 seats clearly above the majority mark to form the next government.

Sensex, which closed 1,421 points higher on Monday after exit polls indicated BJP was set to return to power, hit an all-time high of 39,901 in early trade today cheering NDA's early lead in counting of votes for Lok Sabha election 2019.

Nifty too touched a fresh record high of 11,968.

Banking stocks led the gains in the benchmark indices record run. BSE Bankex, which has gained 7.10% in six trading sessions since market recovered from US-China trade tensions, hit an all-time high of 35,149 rising 941 points compared to the previous close of 34,208 in early trade today.

All 10 stocks of the index were trading in the green.

In early trade, IndusInd Bank was the top gainer on the index rising 7.36% or 111 points to 1629 points. Bank of Baroda too gained 8.32% to 136.70 on the banking index. Axis Bank (1.29%), Bank of Baroda (8.32%), Federal Bank (2.21%) , HDFC Bank (0.61%), ICICI Bank (2.48%) , Kotak Mahindra Bank (2.84%) , PNB (3.37%), SBI (4.09%) and YES Bank (2.76%).

Since Indian market overcame the US China trade tension blues on last Thursday, BSE bankex has gained a strong 3,198 points to hit an intra day high of 31,951. The index has gained 15.18% since the beginning of this year and risen 18.30% during the last one year.

Bank Nifty wasn't far behind the BSE bankex in weekly gains. Bank Nifty gained 6.70% in a week and has logged 15.65% rise since the beginning of this year.  The index also hit its all time high of 31,411 in early trade. The index has gained 18.40% during the last one year.

All 12 banks comprising the index were trading in the green. Bank of Baroda was the top gainer on the index rising 12% to 142.15.

IndusInd Bank (6.28%), SBI (5.25%) and PNB (4.96%) were the other gainers on the index.

Share Market Live: Amid Modi wave in early counting, Sensex climbs 724 points, Nifty at 11,945

Edited by Aseem Thapliyal

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