Sensex touches new record above 25,000 on BJP's election win
MUMBAI (Reuters) - The BSE Sensex rose as much as 6.1 percent to a record high on Friday as the Bharatiya Janata Party (BJP) and its allies swept the general elections, although shares gave up a big chunk of the gains towards the close as investors booked profits.
The benchmark BSE Sensex surged to as high as 25,375.63, before ending the day at 24,121.74, up 0.9 percent. The broader Nifty jumped as much as 6.2 percent to a record high of 7,563.50, before closing 1.12 percent higher at 7,203.
The BSE Sensex rose 4.9 percent for the week, while the Nifty marked a weekly gain of 5 percent, their biggest weekly gains since the week ended December 2, 2011.
Domestic-focused shares led the gainers: ICICI Bank Ltd (ICBK.NS) soared 5 percent while Larsen & Toubro Ltd (LART.NS) gained 3.6 percent, reflecting hopes that the BJP is best placed to revive an economy growing at its slowest in a decade.
However, exporters fell as the rupee rose to a eleven-month high. Wipro (WIPR.NS) fell 2.7 percent while Dr. Reddy's Laboratories (REDY.NS) slumped 3 percent.
(Editing by Sunil Nair)
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As well as making the lives of millions of middle class Indians easier, the sharp drop in Brent crude prices since June is a boon for Prime Minister Narendra Modi in his fight to revive an economy growing at its slowest rate since the 1980s. Full Article