Sensex hits new record 23,000 points as bulls run amok on Modi hopes

Updated: Friday, May 9, 2014, 15:38 [IST]

Indices

It was a frenzied bull rage in Indian markets with the Sensex and the Nifty rallying in trade as heavyweight banking stocks zoomed ahead of the exit polls and election results due next week. Hopes that the Narendra Modi led NDA would comfortably reach the 250-270 mark, saw huge buying interest.

The Sensex closed a staggering 650 points higher, after hitting a new life time high of more than 23,038 points. The Nifty closed at a new record closing of 6858 points, rallying 199 points in trade.

Banking stocks saw a phenomenal run in trade with ICICI Bank gaining almost seven per cent, while Yes Bank ended up 10 per cent and HDFC Bank five per cent. Investors bought into banking and financial stocks as if the shares would not be available the next day.

Other Nifty gainers were Reliance, Mahindra and Mahindra, BPCL, Coal India and Bank of Baroda. In fact, all of the Nifty stocks gained in trade apart from Dr Reddys and Lupin Ltd.

Mid cap stocks also joined the party with Siemens and Union Bank ending more than eight per cent higher in trade. Realty stocks were also having a spectacular run with D B Realty gaining six per cent, Unitech rising eight per cent and HDIL gaining a staggering eighteen per cent.

IT stocks however did not rally as much as other heavyweight index stocks with Mphasis, Hexaware all among the losers in trade. Heavyweight, IT stocks like Infosys and TCS, however, showed gains of 1 per cent.

Meanwhile, markets across Europe were subdued in trade, while Asian markets ended the day mixed. Indian markets would now take cues from exit polls and election results, which is expected to ensure heightened volatility.

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