June 3 (Punjab Khabarnama) : Before the results of the Lok Sabha elections, the stock market once again took a big leap. Sensex jumped 2500 points and Nifty opened with a gain of 1000 points. At the same time, the rupee opened at 82.99 with a gain of 47 paise against the dollar.
On Monday, after the exit poll agencies predicted the victory of the NDA, the Sensex was up 2,500 points in pre-open trade and Nifty jumped more than 1,000 points. The market opened with a gain due to the prediction of the Bharatiya Janata Party-led National Democratic Alliance (NDA) returning with a huge majority.
Earlier on Friday, the five-day decline in the stock markets was halted on the closing day and the benchmark BSE Sensex closed with a gain of 75 points due to value-buying in banking and oil stocks after the recent decline.
The 30-share BSE Sensex closed 75.71 points or 0.10 percent higher at 73,961.31. It hit a high of 74,478.89 and a low of 73,765.15 during the session. Snapping its five-day losing streak, the 50-share NSE Nifty closed 42.05, or 0.19 per cent, higher at 22,530.70.
The Nifty and Sensex had fallen over 2 per cent in five days till Thursday amid heavy volatility ahead of the Lok Sabha election results. “Pre-poll trading strategy is over, and all eyes will be on the release of exit polls for further action. Regional variations, marginally lower turnout and strong resistance at the current range are prompting investors to adopt a cautious stance,” said Vinod Nair, Head of Research, Geojit Financial Services.
From the Sensex pack, Tata Steel, Bajaj Finance, HDFC Bank, Power Grid, IndusInd Bank, Larsen & Toubro, ICICI Bank were among the gainers. Nestle India, Tata Consultancy Services Maruti Suzuki India, Infosys, Axis Bank, Hindustan Unilever were among the laggards. In Asian markets, Shanghai, Tokyo, Seoul and Hong Kong closed on a mixed note.
European stock markets were trading with losses. Wall Street’s key indices closed with losses on Thursday. Global oil benchmark Brent crude fell 0.40 per cent to USD 81.53 per barrel. Foreign institutional investors (FIIs) sold equities worth Rs 3,050 crore.
