Equity benchmark indices surged 2% in the early morning trade after exit polls of the 2019 Lok Sabha elections projected BJP-led National Democratic Alliance (NDA) to win a comfortable majority.
Reliance Industries, ICICI Bank, HDFC, and L&T contributed the most to the advances on Sensex.
The rupee rose to a two-week high of 69.36 against the US dollar, as compared to its Friday’s close of 70.23.
The Sensex was quoting at 38,579, up 647 points, while the Nifty was at 11,610, up 203 points. The market breadth was positive on the NSE with 1,342 shares advancing, 230 shares declining, and 504 remaining unchanged.
Indiabulls Housing, SBI, L&T, and ICICI Bank were among the major gainers on the Nifty50, whereas Dr Reddy’s, Zee, and Tech Mahindra led losses.
Shares of Cipla rose 1.5% after the company informed that inspection conducted by the United States Food and Drug Administration (USFDA) at the company’s Indore facility ended with zero observation.
Shares of Bharti Airtel rose 1.5% after the company said that based on preliminary information, the rights issue has been over-subscribed. The company’s Rights Issue closed for subscription on May 17.
The Volatility gauge, India VIX is down 12.99% at 24.42.
The most active stocks on the NSE are Oberoi Realty, Reliance Industries, Axis Bank and SBI.