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Sensex touches new record above 25,000 on BJP's election win
May 16, 2014 / 8:34 AM / 4 years ago

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.

A broker looks at a computer screen as he talks on a phone at a stock brokerage firm in Mumbai December 3, 2012. REUTERS/Danish Siddiqui/Files

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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