The stock market was gripped by euphoria on Friday as indices surged to a record all-time high in expectation that the Bharatiya Janata Party is likely to come to power.
The Bombay Stock Exchange 30-share Sensitive Index (Sensex) zoomed by 704 points before retreating to close at 22,994.23 points, a gain of 650 points or 2.91 per cent over Thursday’s close.
According to a Bloomberg survey of 19 brokers and investment advisory firms, the Narendra Modi-led BJP may get more than 230 seats while the NDA may get 266 seats, close to the halfway (272)-mark.
“There was talk in the market that the outcome of the exit poll was leaked and data indicated a lead for the BJP. This caused buying momentum. As buying picked up and initial momentum started, more people sitting on the fence jumped on the bandwagon and indices surged to all-time high levels,” said Ambareesh Baliga, Managing Partner, Edelweiss Global Wealth.