Market on new high following exit poll results

The market touched new high as the exit polls on Monday predicted BJP-led NDA’s return to power after a gap of 10 years.

The BSE Sensex today increased 370 points while Nifty jumped over 100 points and go above 7,100 levels for the first time in the history.

The projections for Narendra Modi’s win celebrated by the Sensex which is now just 80 points away from touching 24,000 golden number.

The post poll surveys indicating Narendra Modi-led NDA to get a clear majority to form the next government. According to six mega exit polls, NDA would get anything between 249 and 340 seats. It is expected that BJP will touch the magic figure of 272 easily and can able to give a stable government.

“A lot of expectation-based flows have come through. Looking through the noise, if the base scenario (BJP majority) happens, two things change structurally – first, you get a pro-investment government and one that is focused on infrastructure,” said Salman Ahmed, global fixed income strategist for Lombard Odier Investment Managers in London.

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