The market has opened strong with the Nifty hitting 7900 cheering results of the exit polls. The 50-share index is up 46.05 points or 0.6 percent at 7906.80. The Sensex is up 147.05 points or 0.6 percent at 25800.28. About 550 shares have advanced, 166 shares declined, and 27 shares are unchanged.
ONGC, Axis Bank, ICICI Bank, HDFC and Bharti Airtel are top gainers while Tata Motors, Bajaj Auto and Asian Paints are losers in the Sensex.
The Indian rupee opened marginally higher by 6 paise at 66.74 per dollar against previous close of 66.80.
Asian markets advanced as energy plays rallied after rising oil prices spurred a banner session on Wall Street. Japan's benchmark Nikkei 225 index tacked on 0.70 percent, likely boosted in part by a slightly weaker yen. The US dollar was fetching 109.03 yen at 8:06 a.m. SIN/HK time, up from levels as low as around 108.50 yen in the previous session.
The Dow Jones industrial average rose 175.39 points, or 1 percent, to 17,710.71, the S&P 500 gained 20.05 points, or 0.98 percent, to 2,066.66 and the Nasdaq Composite added 57.78 points, or 1.22 percent, to 4,775.46.
Modi magic! Sensex, Nifty jump 6-9% in 2 yrs but midcaps up 44%
In the one year-period, from May 16 2014 the Sensex gained 15 percent while the Nifty climbed 16 percent. However, the indices fell off the cliff soon as Modi's magic began to dwindle in the year BJP formed government with Narendra Modi as the Prime Minister.
Overall, if the exit polls are accurate, then the state election results could marginally improve the BJP’s seat tally in the Upper House, but the government will need to continue to build a consensus to push through legislative reforms in the Upper House, says Nomura
Shares of Sun TV Network surged 11 percent intraday as most exit polls have predicted that the DMK-Congress alliance may win the state elections in Tamil Nadu. Chennai-based Sun TV owned by Kalanithi Maran (grandnephew of DMK President M Karunanidhi) is seen gaining high revenue growth when DMK is in power.
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