Nifty hits All the Highs, Sensex soars 600 pts after Massive BJP win, Rupee hits 1 Year High

[sid_22]

Equity benchmarks started off the truncated week on a solid note, with the Nifty hitting a record high following landslide win of BJP in Uttar Pradesh and Uttarakhand. BJP President Amit Shah also said the ruling party would form government in four out of five states.

The 30-share BSE Sensex was up 565.56 points or 1.77 percent at 29458.79 and the 50-share NSE Nifty gained 160.05 points or 1.79 percent at 9094.60. About 1119 shares advanced against 108 declining shares on the BSE.

ICICI Bank, HDFC, ITC, Reliance Industries, HDFC Bank and L&T were leading contributors to Sensex's gains, up 2-5 percent. However, Coal India lost 5 percent.

The Indian rupee gained in the early trade. It has opened higher by 40 paise at 66.20 per dollar versus Friday's close 66.60.

The rupee is currently trading at one year high.

Bhaskar Panda of HDFC Bank said, "Expectations have built up for a rate hike in the FOMC meeting this week. Dollar index is up at 101.37. However in Indian context election victory in major states will be a booster."