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Sensex rallies 200 points on BJP hope

Posted on May 19 2014 | IBNS

Mumbai, May 19 : The Bombay Stock Exchange (BSE) Sensex and the National Stock Exchange (NSE) Nifty on Monday traded higher on continued optimism due to an election win by Narendra Modi-led Bharatiya Janata Party (BJP).

The BSE Sensex was trading 223 points higher at 24,345.67 while the Nifty traded 63 points higher at 7,266.20.

Both indexes are however well below the record highs hit on Friday - the day of the results - when the Nifty gained as much as 1.2 percent before pulling back.

Foreign investors bought Indian shares worth of Rs 36.34 billion on Friday, marking their biggest single-day purchase since March, data showed.

The rupee also surged over 0.7 per cent to 58.38 per dollar on Monday, its strongest in 11 months.

Aided by strong buying overseas, the partially convertible rupee is trading at its highest since June 18, 2013 after closing at 58.80 per dollar on Friday.

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