As Exit polls predict NDA win, Sensex zooms 962 pts; Nifty rallies over 200 pts to vault past 11,650

Most exit polls Sunday forecast another term for Prime Minister Narendra Modi, with some of them projecting that BJP-led NDA will get more than 300 seats to comfortably cross the majority mark of 272 in the Lok Sabha.

Image only for representational purpose/ Courtesy: Getty

New Delhi: A day after the exit polls of Lok Sabha elections predicted major victory of BJP led-National Democratic Alliance government, the Sensex on Monday zoomed 962 points to 38,892.89, whereas the Nifty rallied over 200 points to vault past 11,650.   The results of the seven-phase polls will come out Thursday and experts opined that markets have partly discounted exit poll outcome in the last few days. Most exit polls Sunday forecast another term for Prime Minister Narendra Modi, with some of them projecting that BJP-led NDA will get more than 300 seats to comfortably cross the majority mark of 272 in the Lok Sabha. Regulator Sebi and stock exchanges have beefed up their surveillance mechanism to check any manipulative activities in the market this week in view of the high-octane election related events lined up. "Most exit polls have predicted NDA to win the Lok Sabha elections with a good margin. This was partly discounted in the markets over the last few days. The street would like it even more if the BJP on its own gets a majority in the Lok Sabha.

#Sensex opens at - 38,819.68, up by 888.91 points; #Nifty opens at - 11,691.30, up by 284.15 points. pic.twitter.com/8cbTwyniyU

— ANI (@ANI) May 20, 2019

"However, going by the way the exit polls in the last two elections were off the mark from the actual numbers, the markets would get excited but not super excited," said Deepak Jasani, Head, Retail Research. Investors should also brace for bouts of volatility in view of the high-octane election related events, the analysts said. The exit polls seem to have had a positive impact even on Indian rupee, which appreciated 79 paise against US dollar to 69.44 on Monday morning.