Sensex rallies nearly 300 points as BJP wins General election 2019 with absolute majority

New Delhi: Markets opened on a positive note on Friday with the Sensex rallying by nearly 300 points and the Nifty jumping over 90 points as BJP-led NDA won the General election 2019 with absolute majority for the second time.

Prime Minister Narendra Modi led his Bharatiya Janata Party to a landslide victory for a second term in office. The BJP got an absolute majority bagging 297 of the 458 seats (as per Election Commission's counting till 9.25 am today) and was on course to touch the 303-seat mark in the 543-member Lok Sabha. The BJP has alreadt surpassed its 2014 performance when it won 282 seats.

The 30-share index was trading 158.48 points or 0.41 percent higher in early morning trade. The NSE Nifty was trading 45.55 points or 0.39 percent up at 11,702.60.

During the day yesterday, the Sensex hit the 40,000 mark while the Nifty crossed the 12,000-level for the first time ever. However, the equity indices succumbed to profit booking towards the fag-end of the session.

The 30-share Sensex tumbled 298.82 points, or 0.76 percent, to close at 38,811.39. Similarly, the broader NSE Nifty settled 80.85 points, or 0.69 percent, lower at 11,657.05.