Sensex opens 300 points higher as India gives NDA a bigger mandate than 2014

WION Web Team New Delhi, Delhi, India May 24, 2019, 09.27 AM(IST)

File photo. Photograph:( Reuters )

Story highlights

At 9:20 am, the BSE S&P Sensex was up 284 points at 39,095 while the Nifty 50 gained 83 points to 11,740.35. 

The benchmark BSE Sensex rallied nearly 400 points early trade on Friday after a historic mandate won by the PM Narendra Modi government Lok Sabha polls 2019.

Election commission data showed Modi’s National Democratic Alliance has secured 350 seats, with BJP alone winning 303 seats in the 2019 general elections. 

In 2014, the party won 282 seats, the NDA had won 336. It was the first time in more than three decades that a single party won the majority on its own.

At 9:20 am, the Sensex was up 285 points at 39,096, and the Nifty50 was trading 73 points higher at 11,731.

Yesterday, BSE Sensex surged over 1,000 points to touch the 40,000-mark for the first time ever following the BJP's thumping electoral show, but could not sustain the euphoria as investors chose to cash in on the gains.

In similar movement, the broader NSE Nifty ad crossed the historic 12,000-level after early trends gave the BJP a comfortable majority in the Lok Sabha, but succumbed to profit booking towards the fag-end of the session.

Foreign institutional investors to believe that a stable government will lead to decisive governance and continuing reforms in the world`s fastest-growing economy.

Meanwhile, Asian stocks traded in the red as investor concerns grew over the escalating US-China trade tensions. Shares fell in the negative territory in Sydney, Tokyo, Hong Kong, Shanghai, and Seoul. 

(With inputs from agencies)