Sensex zooms 500 points in noon trade as pre election result rally begins

Business

oi-Sunil

By Sunil Fernandes

Published: Friday, May 9, 2014, 12:53 [IST]

The Sensex and the Nifty surged in trade as heavyweight banking stocks zoomed ahead of the exit polls and election results due next week. The Sensex was trading higher by 475 points, while the Nifty gained 130 points as investors bought heavily into banking stocks. The Sensex was trading at 22,800 points, while the Nifty was placed at 6797 points.

ICICI Bank rallied a staggering 4 per cent, while Yes Bank was up 5 per cent, HDFC Bank 3.5 per cent, while Canara Bank and Bank of India were up more than 3 per cent.

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 Sun Pharma which declined.

Mid cap stocks also joined the party with Siemens and Union Bank all up more than 4 per cent in trade. Realty stocks were also having a spectacular run with Unitech rising 5 per cent and HDIL gaining 6 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.

Markets across Europe were subdued in trade, while Asian markets ended the day mixed.

Indian markets are likely to now await the exit polls due on Monday after the last phase of election results is due and are likely to react to the same on Tuesday. Come Friday the final election results would be known.

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