May 24, 2019 / 4:07 AM / 4 months ago

Nifty, Sensex post best week since November on euphoria over Modi election

Brokers react after seeing the election result at a stock brokerage firm in Mumbai, May 23, 2019. REUTERS/ Francis Mascarenhas/Files

(Reuters) - Indian shares jumped over 1.5% on Friday on hopes that Prime Minister Narendra Modi would pursue business-friendly policies following his party’s thumping victory in the general election.

“Continuity is important because some of the underlying issues don’t have quick fixes like IL&FS and the NBFCs,” said Rajeev Thakkar, chief investment officer at PPFAS Mutual Fund.

The broader NSE Nifty ended 1.60% higher at 11,844.1. It gained 3.84% for the week, its biggest since the five sessions to Nov. 2, 2018.

The benchmark BSE Sensex closed up 1.61% at 39,434.72, recording a 3.96% weekly gain.

Financials were top gainers with ICICI Bank Ltd closing 5.1% higher, while State Bank of India Ltd rose 3.84%.

JSW Steel Ltd ended 4.37% higher after reporting its March-quarter results.

Reporting By Arnab Paul in Bengaluru; Editing by Subhranshu Sahu

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