Sensex, Nifty Surge On Election Results, Robust Global Cues

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The Sensex and the Nifty surged in early morning trades as election results in Maharashtra and Haryana raised hopes that there would be a new set of economic reforms unleashed.

ONGC rallied a huge 5 per cent following the hike in gas prices, while IGL also joined ONGC higher. BPCL and HPCL on the other hand rallied 6 per cent after the prices of diesel were deregulated.

Sensex, Nifty Surge On Election Results, Robust Global Cues
The Sensex gained a huge 351 points, while the Nifty was up 111 points in trade. Exide and Just dial which are likely to declare their results today were up 2 per cent each.

Oberoi Realty and Zee also gained ground after the stocks were upgraded by brokerages.

United Spirits was also trading higher ahead of its results.

PSU banking stocks were having a spectacular run with most of the stocks up between 2 and 5 per cent. TCS which has fallen as much as 9 per cent on Friday was marginally up in trade.

Mid cap stocks also gained ground with winners being Havells India, Unitech and IDBI Bank.

Meanwhile, markets across the globe staged a spectacular rally following the US rally last week.

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