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Sensex flies over 900 points in expectation of Modi Govt

Indian equity markets are at their pinnacle on Monday, after exit polls forecast that the ruling NDA govt will get a second tenure at office. Though the election results will be announced on Thursday, several exit polls have predicted a clear majority for BJP.

At around 12 noon, the benchmark BSE Sensex was trading at 38,894.87, up by 964 points and Nifty50 was at 11,689.60 up by 282 points. The Nifty Bank index rose at 30,420-level, up by over 970points.

Among the top gainers on the Nifty50 at this time were Adani Ports, IndiaBull Housing, SBI, Grasim and L&T up between 7 to 5 percent. While the top losers were Dr. Reddy’s, Zeel, Tech Mahindra, Bajaj Auto and Infosys down between 6 to 1 percent. On Sensex the gainers included SBI, IndusInd Bank, L&T  and ICICI bank.

In heavyweights, shares of SBI up by 6.30%, Reliance was up  by 3.83%, Axis bank up by 3.50%, and L&T rallying 5% and Bajaj Finance up by 3%.

Except Nifty IT, all sectoral indices were in the green with major gains in PSU Bank, Realty, Metal, FMCG, media among others.