Business News: Sensex Soars About 2,000 Points, Does It Indicate Modi Government Again?

GIFT Nifty opened on Monday on a positive note. During the early hours, the futures climbed over 23,300, and later on around 8:50 AM, the futures traded above the 23,500 mark at 23,538.50. In the previous trading session on Friday, the two key equity benchmarks, Sensex and Nifty, ended their losing streak of 5 days and settled the trading session with marginal gains. The S&P BSE Sensex closed trading above the 73,950 mark at 73,961, logging a gain of 76 points, while the NSE Nifty50 settled for the day at 22,531, inching up by 42 points. The exit polls were released over the weekend and showed that the PM Narendra Modi-led BJP alliance is projected to not only win but secure a comfortable majority with 300 to 350 seats in the Lok Sabha elections. “The market is approaching the event with caution, and the positive surprise from exit polls can lead to a rally as majority of the exit polls are giving 350+ seats to the NDA. Conversely, a negative surprise from actual results might trigger a knee-jerk reaction in the market,” commented Santosh Meena, Head of Research, Swastika Investmart Ltd.