Day after election results, Sensex shoots up 623 points to lifetime high, Nifty above 11,800-mark

The benchmark BSE Sensex rallied over 623 points in closing trade on Friday, a day after Prime Minister Narendra Modi-led BJP got an absolute majority in the Lok Sabha elections 2019. The 30-share index ended near day's high level at 39,434.72. Similarly, the broader NSE Nifty spurted 187 points to close at 11,844.10. At close, 1823 shares have advanced, 676 shares declined while 150 remain unchanged.

The major gainers include ICICI Bank, Zee Entertainment, Vedanta, Tata Steel and Bharti Airtel while Tech Mahindra, NTPC, ONGC, TCS and HCL Tech are among some of the losers. However, all the sectoral indices ended in the green led by BSE PSU Bank (up 5.5%) followed by auto, metal and infra gained more than 2 percent.

The Bharatiya Janata Party (BJP) won over 300 seats on its own out of 542 seats in the Lok Sabha - registering the first back-to-back majority for a non-Congress party. Analysts believe the emphatic victory for the Modi-led coalition will ensure continuation in reform measures initiated during the NDA's first term.

During the week, which remained abuzz with news revolving around the general election results, the 30-share BSE Sensex rose over 1,503 points and the broader Nifty gained 437 points. Both the indices marked their intra-day record highs Thursday morning when counting of votes started.

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The Sensex started on a positive note at 39,076.28 in the morning. It shuttled between a high of 39,476.97 and low of 38,824.26 during the session. It finally settled the day at 39,434.72, higher by 623.33 points, or 1.61 per cent.

The NSE Nifty opened at 11,748.00 and hit a high of 11,859.00 and a low of 11,658.10 during the day. It closed at 11,844.10, showing a rise of 187.05 points, or 1.60 per cent. All 19 BSE sectoral indices traded in the green, led by realty, capital goods, industrials, telecom and auto -- gaining as much as 4.25 per cent.

In the broader market, small-cap and mid-cap indices outperformed the benchmark Sensex. BSE Smallcap index soared 2.43 per cent, midcap climbed 2.09 per cent and largecap advanced 1.61 per cent. Overall, 1,827 stocks advanced and 695 declined on the BSE. Asian stocks ended mixed on Friday as investors globally remained cautious over the ongoing trade tussle between the US and China.

(With inputs from agencies)