Sensex and NIFTY rally as exit polls predict a landslide victory for the Narendra Modi led NDA government. Oil prices rise amid production cuts by OPEC. State-run oil marketing companies hike diesel and petrol prices post elections. Japan’s GDP rises 2.1% in Q1. Japan’s Orix to buy IL&FS Group’s wind assets. UPI transactions overtake those made by debit and credit cards in January. RBI working on liquidity line for NBFCs. Uber and Ola cut down investments in their food business.
Moving on to the top Business news of the day.
Sensex and NIFTY rally as exit polls predict a landslide victory for the Narendra Modi led NDA government.
Record High: Benchmark indices ended Monday's session at record closing high, surging almost 4%, a day after exit polls predicted the return of the Narendra Modi-led National Democratic Alliance (NDA) to power.
S&P BSE Sensex reclaimed the 39,000-mark, while the Nifty Bank posted its biggest one-day gain.
Sensex ended the day 3.75%, or 1,422 points, higher at 39,352. SBI, IndusInd Bank, Larsen & Toubro, and YES Bank leading the list of gainers.
Up and Up: Nifty extends gains to close at 11,828, up 421points or 3.69%.
History suggests exit polls have often been wide off the mark, but analysts say the buffer between projected seats and the magical halfway mark of 272 is heartening. More on this here.