Indian markets soar on election results
Mumbai, May 18, 2009
Trading in Indian equities were frozen at the upper circuit at open on Monday in reaction to the phenomenal win of the ruling coalition at the general elections.
All sectoral indices surged with banking spearheading the rally. Trading has been halted for an hour.
Bombay Stock Exchange’s Sensex opened 10.73 per cent or 1305.97 points higher at 13479.39 from 12011.10. National Stock Exchange’s Nifty was locked at 4203.30, higher by 14.48 per cent or 531.65 points.
Dinesh Thakkar, CMD, Angel Broking said: "The election results have come as a positive surprise and are expected to go down well with the markets considering that markets like continuity of government policies, mindsets and ideologies. The UPA’s 250+ tally has managed to beat the most optimistic political analyst on the street and this ‘thumping’ victory has set the stage for the Congress-led UPA to come back to power."