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Markets cheer poll results, sensex up 1.1%

business Updated: May 13, 2011 22:48 IST
HT Correspondent
HT Correspondent
Hindustan Times
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The stock markets on Friday cheered the clear election verdicts in five states, with the Bombay Stock Exchange benchmark Sensex rising 390.7 points before closing 195.5 points or 1.1% up at 18,531.3.

The broader Nifty at the National Stock Exchange rose by 58.6 points to close at 5,544.8.

The Sensex had on Thursday fallen by 249 points in line with the fall in global markets; Nifty had lost 79 points.

“Sentiment was buoyed by a growing feeling that with the ouster of the DMK in Tamil Nadu, UPA-II (union government) could just be able to pursue long-pending reforms and will be able to deal with the 2G scam culprits much more effectively,” said Amar Ambani, head of research at India Infoline.

Market experts say that sentiments were also boosted as UPA and its allies retained power in three of the five states.

“The market gained momentum with the Congress winning Assam, Kerala and its ally TMC in West Bengal,” said Motilal Oswal, CMD, Motilal Oswal Financial Services. “We think it would strengthen the ruling coalition and would provide stability at the centre.”