Sensex jumps 623 points on euphoria over PM Modi's election victory

Mumbai (Maharashtra) [India], May 24 (ANI): Equity benchmark indices extended gains in the afternoon session on Friday and jumped 1.6 per cent after Prime Minister Narendra Modi-led coalition won an absolute majority in the recently held General Elections.
Investors were cheerful on hopes that Modi 2.0 will pursue business-friendly policies and fast track several innovative mega missions to boost economic growth.
At the closing bell, the BSE S&P Sensex was up 623 points at 39,435 while the Nifty 50 gained 187 points to 11,844.
At the National Stock Exchange, all sectoral indices were in the green with PSU banks elevated 5.6 per cent and realty 4.4 per cent.
"The decisive election results will propel India's growth pace to the next orbit and drive the transformation of the country," said Vikram Kirloskar, president of the Confederation of Indian Industry (CII).
Among stocks, ICICI Bank gained handsomely to move up 5.2 per cent, mining major Vedanta by 4.9 per cent, Tata Steel, Bharti Airtel and Zee Entertainment over 4 per cent each.
The volume toppers were Reliance Industries, Larsen & Toubro and State Bank of India.
However, Tech Mahindra, utility major NTPC, Tata Consultancy Services, ONGC, and HCL Tech witnessed marginal declines of less than one per cent.
Meanwhile, most Asian stock indices were in the negative zone amid mounting concerns that trade dispute between the United States and China could cripple global growth.
Besides, investors resorted to safe-haven assets after factoring in bleak US factory data a day earlier. (ANI)