After witnessing eventful day, stock markets close at record high; Sensex surges over 1,400 points 

WION Web Team New Delhi, Delhi, India May 20, 2019, 03.55 PM(IST)

File photo. Photograph:( PTI )

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BSE Sensex scaled 1,422 points to close at a record high of 39,353 while NSE Nifty surged 421 points to close at an all-time high of 11,828. 

The domestic stock market on Monday closed at a historic high after witnessing an eventful day of rallying after exit polls predicted an easy win for the Bharatiya Janata Party-led National Democratic Alliance (NDA) in Lok Sabha 2019 polls. 

BSE Sensex scaled 1,422 points to close at a record high of 39,353 while NSE Nifty surged 421 points to close at an all-time high of 11,828. 

Sensex surged over 1000 points during the trade hours, and the rupee appreciated 79 paise against the US dollar. Domestic benchmark indices continued to extend their rally later in the day with the BSE Sensex climbing 1,300 points and Nifty touching 11,800 mark.

The 30-share index was trading 1,341 points close to the session end, higher at 39,271.77 points. In similar movement, Nifty soared 393.95 points, or 3.45 per cent, to 11,801.10. 

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.

Pollsters predicted the BJP to make a clean sweet in the Hindi heartland of the nation in states like Madhya Pradesh, Uttar Pradesh, Maharashtra, Bihar, Rajasthan, Gujarat and the national capital. 

The results of the seven-phase polls will come out Thursday.

Meanwhile, European stocks slipped on Monday as concerns about an escalating fallout from a US crackdown on China's Huawei Technologies offset a slightly more positive tone on trade, news agency Reuters reported. 

Asian shares managed to reverse some of last week's heavy losses on Monday after the United States said it would lift tariffs in North America, as investors cheered apparent wins by incumbent parties in elections in Australia and India. 

Oil prices jumped after Saudi Energy Minister Khalid al-Falih said that there was a consensus among the members of the Organization of the Petroleum Exporting Countries to maintain production cuts to "gently" reduce inventories.

Both US crude and Brent crude jumped more than 1.1% on Monday, with West Texas Intermediate fetching $63.5 a barrel and Brent crude at $73.04 per barrel, Reuters reported. 

(With inputs from Reuters)