Business

Sensex vaults 623 points to lifetime high on Modi euphoria

Equity benchmark Sensex Friday shot up over 623 points to close at a record high of 39,434.72 as investors felt assured of policy stability after a decisive mandate for the Narendra Modi-led BJP in the general elections.The NSE Nifty also surged over 187 points to close at a fresh lifetime high of 11,844.10.

During the week, which remained abuzz with news revolving around the Lok Sabha poll results, the 30-share BSE Sensex rose over 1,503 points and the broader Nifty gained 437 points.Both the indices marked their intra-day record highs Thursday morning when counting of votes started.The Bharatiya Janata Party (BJP) has won over 300 seats on its own out of 542 seats in the Lok Sabha elections  the first back-to-back majority for a single party since 1984.

Analysts believe the emphatic victory for the Modi-led coalition will ensure continuation in reform measures initiated during the NDA’s first term.Among the Sensex constituents, 26 stocks rose and 4 counters fell.ICICI Bank topped the Sensex gainers' chart, spurting 5.09 per cent, followed by L&T, Bharti Airtel, Vedanta and Tata Motors, rising up to 4.60 per cent. 

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