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Sensex, Nifty at record high as BJP heads for stunning victory

Mumbai, May 16 (PTI) The stock markets remained at record highs despite some profit-booking in afternoon trade, as investors cheered indications that the Bharatiya Janata Party could get a clear majority on its own in the 2014 Lok Sabha elections.

In the forex market, the rupee climbed to 11-month high of 58.62 against the US dollar amid lower demand for the American currency and heavy foreign fund inflows into the stock markets.

As result trends poured in this morning, the BSE Sensex climbed 1,470.03 points to an all-time high of 25,375.63.

The Sensex had surged over 1,500 points in the past four trading sessions after exit polls showed leads for the BJP-led NDA.

However, profit-booking trimmed early gains and the Sensex was quoting 941.81 points, or 3.94 per cent higher at 24,847.41 at 1230 hrs.

The NSE's 50-share Nifty was trading up by 288.45 points, or 4.05 per cent, at 7,411.60, after breaching the psychological 7,500-mark to touch an intra-day peak of 7,563.50.

Tracking the extremely strong sentiment in the equity markets that recorded lifetime highs, as many as 220 stocks hit one-year highs in the morning trade on the BSE following election result trends.

Narendra Modi appears all set to be the next Prime Minister with BJP likely to get a majority on its own, wresting power from Congress which is on the path of recording its worst ever performance in the Lok Sabha polls.

Recording its best ever performance in its 34-year existence, the BJP on its own was leading in 276 seats, three more than the required half-way mark in the 543-member House, while its allies were ahead in 49 seats.

Among the 30 stocks that make up the Sensex, 19 were star performers. These stars were SBI, HDFC Bank, HDFC Ltd, ICICI Bank, Axis Bank, Sesa Sterlite, Reliance Industries, ONGC, NTPC, Maruti Suzuki, BHEL, Larsen & Toubro, BHEL, ITC Ltd, Coal India, Bharti Airtel, Tata Power, Tata Steel and Bajaj Auto.

The BSE banking index was leading among the 13 BSE sectoral indices. It was up by 7.54 per cent to 17,507.28 and realty index rose 6.34 per cent, to 1,611.17.