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The stock markets witnessed a sharp rally just ahead of exit polls results for the 2019 elections, which will be out on Sunday once polling for the seventh phase ends.
The Sensex rose 1.44 per cent, or 537 points, to close at 37,930. The Nifty gained 1.33 per cent, or 150 points, to close at 11,407.
The election results will be out on May 23. The exit polls results are due after the final phase of voting for general elections, due on May 19. The next week is also likely to see the markets react to the exit poll results ahead of Thursday, the results day. The BJP is the favourite to win the elections, market players said.
“If the BJP gets more than 280 seats on its own, the Nifty could see an unstoppable rally up to 12,300. But if the BJP’s tally falls below 200, the markets could fall below 11,000 on the same day. Yet, the BJP getting a simple majority is a more likely scenario that the markets are anticipating, and hence the Firday rally,” said Kishor Ostwal, promoter, CNI Global Research.
Buying interest
Mid- and small-cap shares also witnessed buying interest. The S&P BSE MidCap Index rose 1 per cent while the S&P BSE SmallCap Index rose 0.51 per cent.
Zee Entertainment was the top gainer in the Nifty index. The stock rose 8.32 per cent to close at ₹374. Bajaj Finance, Bajaj Finserv, Maruti Suzuki, Hero MotoCorp, Kotak Mahindra Bank and Bajaj Auto rose between 3.7 and 6 per cent.
For more: Elections 2019
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