Sensex rallies to record high on Narendra Modi’s win

Sensex rallies to record high on Narendra Modi’s win

MUMBAI: Creating history, the BSE Sensex Friday surpassed the 25,000-mark on trends indicating a clear majority for Narendra Modi-led BJP in Lok Sabha polls before retreating on massive profit-booking to end at 24,121.74, a record close.
The 30-share index, which had a solid run in the past few days, surged 1,470 points to hit a new life-time high of 25,375.63 in early trade fuelled by hopes that BJP government would fast-track reforms and accelerate economic activity.
However, the index started losing momentum later and briefly slipped into negative territory to touch low of 23,873.16. Frittering away significant portion of its gain on profit booking, the Sensex nevertheless concluded at a new closing peak of 24,121.74, a gain of 216.14 points or 0.90 per cent. This surpasses its closing of 23,905.60 on Thursday.
In terms of market capitalisation, investor wealth rose by a whopping Rs 1 lakh crore to end at Rs 80.64 lakh crore.
The 50-share NSE Nifty crossed the key 7,500-mark to hit an all-time intra-day high of 7,563.50. However, profit-booking at record levels wiped off most of early gains to close at 7,203 — 79.85 points, or 1.12 per cent higher.
The Sensex had surged over 1,560 points in the past five trading sessions after exit polls showed leads for the BJP-led NDA.
—PTI