Markets soar after BJP’s victory in assembly elections, Sensex up by 500 pts

Image: Representational

Mumbai: Crucial state election results lifted the domestic equity indices during the early morning trade session on Tuesday. The Sensex was up by over 500 points in the early trade. The outcome of elections to five state assemblies was declared on March 11. However the impact of results were only witnessed on Tuesday, as the Indian equity markets were closed on account of Holi on Monday. Both the key indices gained over 1.50 per cent with healthy buying seen in banking, capital goods, consumer durables and automobile stocks. The wider 51-scrip Nifty of the National Stock Exchange (NSE) zoomed by 139.40 points or 1.56 per cent, to 9,073.95 points. The barometer 30-scrip sensitive index (Sensex) of the BSE, which opened at 29,437.23 points, traded at 29,385.39 points (9.30 a.m.) -- higher by 439.16 points or 1.52 per cent from the previous close at 29,946.23 points. The Sensex touched a high of 29,561.93 points and a low of 29,381.42 points during the intra-day trade so far. On March 10, the benchmark indices had inched up on the back of strong rupee, fresh inflow of foreign funds and positive global cues. The NSE Nifty gained 7.55 points or 0.08 per cent to 8,934.55 points, while the barometer Sensex was up by 17.10 points or 0.06 per cent to 28,946.23 points.