Sensex jumps 216 points as exit polls drive sentiments high

Lucy Hill
December 16, 2017

Key indices Sensex and Nifty started the day on a strong footing after the exit polls predicted a clear win for the BJP in these two states, which lifted investor spirits. At the close, the benchmark 30-share index, BSE Sensex gained 216.27 or 0.65% at 33,462.97 with 19 components registering rise. Both the indices gained 0.70 per cent during the day.

On the currency front, the Indian rupee strengthened by 30 paise to close at 64.04 against the USA dollar from its previous close at 64.34. Meanwhile, the broad based NSE Nifty climbed by 81.15 or 0.79% at 10,333.25 with 31 components registering rise.

Votes from the election in the western Indian state of Gujarat will be counted on December 18 and the results announced the same day, but markets were on edge ahead of exit polls due later on Thursday that usually indicate the likely victor ahead of official results. "GST Council's urgent meeting scheduled on Saturday also keeps market interested, while advance tax numbers could give a leading indication towards corporate performance and growth expectations".

All sectoral indices were in fine nick, driven by metal and realty that jumped by up to 2.82 per cent.

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Foreign portfolio investors (FPIs) net sold shares worth Rs 578.65 crore yesterday and domestic institutional investors (DIIs) too were on the same boat selling equities of Rs 116.48 crore.

Dr Reddy's was the leader of the Sensex team, with a gain of 2.34 per cent, followed by Cipla.

The volume chart was led by Kotak Mahindra Bank with trades of over 7.25 million shares. A senior official said the markets regulator and stock exchanges have beefed up surveillance and risk management systems as the exit polls outcome could have a bearing on trading activities.

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