Major spike in stock market after exit polls show landslide BJP victory

Benchmark equity indices Sensex and Nifty surged nearly 4% in early trade on June 3 to hit their fresh all-time high levels after exit polls predicted a massive win for the Bharatiya Janata Party (BJP)-led National Democratic Alliance (NDA) in the Lok Sabha polls.

The 30-share BSE Sensex jumped 2,777.58 points or 3.75 per cent to hit a record peak of 76,738.89 in early trade. The NSE Nifty rallied 808 points or 3.58 per cent to hit a fresh all-time high of 23,338.70.

Exit polls on June 1 predicted that Prime Minister Narendra Modi will retain power for a third straight term, with the NDA expected to win a big majority in the Lok Sabha polls.

The counting of votes will take place on June 4.

All the 30-Sensex companies were trading in the green. Power Grid, NTPC, Larsen & Toubro, State Bank of India, Axis Bank, IndusInd Bank, ICICI Bank and Mahindra & Mahindra were the biggest gainers.

India's economy grew by 8.2% in the fiscal year that ended in March, cementing the country's position as the fastest-growing major economy in the world.

In Asian markets, Seoul, Tokyo and Hong Kong were quoting with gains while Shanghai traded lower.

US markets ended mostly higher on May 31.

Foreign Institutional Investors (FIIs) bought equities worth Rs 1,613.24 crore on Friday, according to exchange data.

Global oil benchmark Brent crude dipped 0.04 per cent to USD 81.08 a barrel.

The BSE benchmark climbed 75.71 points or 0.10 per cent to settle at 73,961.31 on Friday. The Nifty advanced 42.05 or 0.19 per cent to end at 22,530.70.

(PTI)