Indian stocks on fire as BJP leads in vote count
Posted on May 16 2014 | IANS
Mumbai, May 16 : Indian stocks were virtually on fire leading a key index to gain as much as 1,000 points, or 4.2 percent, as Narendra Modi-led Bharatiya Janata Party took a big early lead in India's national election vote count.
Around 9.45 a.m., the sensitive index (Sensex) of the Bombay Stock Exchange was ruling just a shade under the magic 25,000-point mark at a record 24,907.75 points against the previous close of 23,905.60 points, to log a gain of 1,002.15 points, or 4.19 percent.
Analysts said the markets were afire expecting a stable government under BJP's prime ministerial candidate Narendra Modi, who is also seen as a industry-friendly leader. Every industry-specific index was trading at record highs, exchange data showed.
The 50-scrip Nifty of the National Stock Exchange also surged in a similar fashion.
According to officials at the markets watchdog Securities and Exchange Board of India (SEBI), a close watch will be kept on market movements Friday during the counting of votes to prevent any disorderly trading.