New Delhi: Markets posted a strong rally Friday with the Sensex shooting up by over 620 points and the Nifty jumping over 180 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 303 of the 458 seats in the 543-member Lok Sabha. The BJP has already surpassed its 2014 performance when it won 282 seats.
The BSE Sensex rallied by 623.33 points to close at 39,434.72 while the NSE Nifty ended 187.05 points higher at 11,844.10.
In the previous session, the BSE Sensex surged over 1,000 points to touch the 40,000-mark for the first time ever following the BJP's stellar electoral show, but could not sustain the momentum as investors chose to cash in on the gains.
Meanwhile, foreign institutional investors bought equity worth Rs 1,352.20 crore on Thursday, while domestic institutional investors sold shares to the tune of Rs 593.54 crore, provisional data available with stock exchanges showed.