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Investors Earn Rs 4 Lakh Crore After Sensex Rises By 1,100 Points Over Exit Polls Predicting Big BJP Win
A view of Dalal Street (Hemant Mishra/Mint via Getty Images)
Investors reaped a bonanza of a whopping Rs 4 lakh crore after Sensex rose by 1,100 points on Monday (20 May) due to a positive market reaction to the exit polls which have predicted that the NDA government will return back to power with a majority, Livemint has reported.
Exit polls carried out by India Today - Axis and Chanakya have respectively predicted that the NDA may win as many as 368 and 340 seats.
This windfall was contributed to by a Nifty rally which saw the index rising above 11,700. The rally was led by Banking and Auto stocks. SBI was the biggest gainer of the lot by rising 8 per cent, followed by Yes Bank which gained 6 per cent.
The Indian rupee also rose to a two week high of 69.36 against the US dollar. Various market analysts have credited the exit poll number for exceeding market expectations which has led to the rally.
As per Senior Vice President and fund manager at Angel Broking Mayuresh Joshi, if the NDA's numbers cross 300, then the rally will continue beyond 23 May.
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