Markets cheer exit polls as Sensex hits 23,910 points; rallies 1500 points in 3 days

Commentary

oi-Sunil

By Sunil Fernandes

Published: Tuesday, May 13, 2014, 9:40 [IST]

The Sensex and the Nifty rallied in trade again, conquering fresh peaks with the Sensex gaining 286 points, while the Nifty rallied 72 points on sustained buying in frontline stocks.

The Sensex had hit an intra day high of 23,910 points and was just shy of the 24,000 points - another historic peak. With this the Sensex has now rallied a staggering 1500 points on hopes that the NDA government under Narendra Modi would get a clear majority after most exit polls predicted the same.

Larsen and Toubro continued its relentless rally gaining two per cent more, while other notable gainers from the Nifty were ACC, Ambuja Cements, Bhel and Mahindra and Mahindra.

Stocks from the oil and gas sector, particularly those of oil marketing companies rose on hopes of a hike in diesel prices. In fact, most of the PSU banking stocks were in the limelight on hopes that the NDA would get a majority and the Narendra modi led government would push infrastructure development.

PSU stocks like Bhel, NMDC and those from the oil and gas space were also in demand. IT stocks which hitherto had not seen any action also rallied with notable gainers being TCS, HCL Tech and Infosys.

Mid cap stocks also saw some buying interest with stocks like Jubilant foods, IFCI, Unitech, Godrej Industries and Voltas leading gainers from the space.

The Bank Nifty hit another record high propelled by names like State Bank, Yes Bank and Federal Bank.

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