Sensex at record high on exit poll anticipation

The BSE Sensex and Nifty surged to its second consecutive record high on Monday as blue-chips including ICICI Bank rallied on hopes that exit pulls due after the close of markets would show opposition Bharatiya Janata Party winning a majority in ongoing elections.

India’s five-week long elections are set to conclude on Monday, with exit polls from media organisations to be released starting after 6:30 p.m.

The optimism that the opposition party, seen by markets as being more investor friendly, will win elections comes even as exit polls in previous elections have proved to be unreliable.

Actual results will be out on Friday.

ICICI Bank gained 2.2 percent, while Larsen & Toubro Ltd was up 2 percent.

The Sensex gained as much as 1.8 percent to a record high 23,410.36 points, surpassing its previous record of 23,048.49 points hit just on Friday.

The Nifty gained as much as 1.7 percent to a record high of 6,975.70 points, surpassing its previous record high of 6,871.35 points.-Reuters

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