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Sensex zooms 1,100 points after exit poll results of Lok Sabha polls

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Sensex, Bombay Stock Exchange, National Stock Exchange, Exit poll results, Lok Sabha elections, Lok Sabha polls, General elections, SBI, Yes Bank, Tata Motors, L&T, ICICI Bank, IndusInd Bank, ONGC, Maruti, M&M, Axis Bank, RIL, Hero MotoCorp, HDFC, Vedanta, Asian Paints, Tata Steel, Bajaj Finance, Business news

Mumbai: The benchmark BSE Sensex zoomed past the 39,000 mark, rallying over 1,100 points, in afternoon trade on Monday as investors cheered exit poll results that showed the ruling NDA is likely to win the general elections.

The 30-share index was trading 1,114.42 points, or 2.94 per cent, higher at 39,045.19. In similar movement, the broader NSE Nifty soared 326.80 points, or 2.86 per cent, to 11,733.95.

 

Sensex, Bombay Stock Exchange, National Stock Exchange, Exit poll results, Lok Sabha elections, Lok Sabha polls, General elections, SBI, Yes Bank, Tata Motors, L&T, ICICI Bank, IndusInd Bank, ONGC, Maruti, M&M, Axis Bank, RIL, Hero MotoCorp, HDFC, Vedanta, Asian Paints, Tata Steel, Bajaj Finance, Business news

 

Top gainers in the Sensex pack include SBI, Yes Bank, Tata Motors, L&T, ICICI Bank, IndusInd Bank, ONGC, Maruti, M&M, Axis Bank, RIL, Hero MotoCorp, HDFC, Vedanta, Asian Paints, Tata Steel and Bajaj Finance, rising up to 7 per cent.

On the other hand, Bajaj Auto and Infosys slipped up to 1 per cent.

Most exit polls Sunday forecast another term for Prime Minister Narendra Modi, with some of them projecting that BJP-led NDA will get more than 300 seats to comfortably cross the majority mark of 272 in the Lok Sabha.The results of the seven-phase polls will come out Thursday.

 

Sensex celebrates exit poll results of Lok Sabha polls by zooming 1,100 pts:

 

“The rise in main indices is justified considering the numbers that have come in the exit poll,” said Rusmik Oza, Head of Fundamental Research, Kotak Securities.

Expect Nifty 50 to retest the recent high of 11, 850 before May 23. Break out into a new zone would depend on whether BJP on its own is able to secure more than half the seats, Oza added.

 

Sensex, Bombay Stock Exchange, National Stock Exchange, Exit poll results, Lok Sabha elections, Lok Sabha polls, General elections, SBI, Yes Bank, Tata Motors, L&T, ICICI Bank, IndusInd Bank, ONGC, Maruti, M&M, Axis Bank, RIL, Hero MotoCorp, HDFC, Vedanta, Asian Paints, Tata Steel, Bajaj Finance, Business news

 

Meanwhile, market regulator Sebi and stock exchanges have beefed up their surveillance mechanism to check any manipulative activities in the market this week in view of the high-octane election related events lined up.

On the currency front, the rupee appreciated by 68 paise to 69.54 against the US dollar. Brent crude, the global benchmark, was trading at 73.22 per barrel, higher by 1.40 per cent.

 

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Common facility centers will be opened in villages for small industries in UP

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The government’s big initiative for small industries has started in UP. In this, Common Facility Centers will be opened in villages for small industries. The government will bear 90 percent of this amount.

The government has started this practice of opening a facility center for artisans associated with traditional industries in rural areas of the state.

These centers will be opened in rural areas to enhance the quality of products, provide good packaging, marketing, raw materials.

Common facility centers will be opened through the Khadi and Village Industries Board in the state under the “PEP” scheme. The process of setting up CFC has also started.

Interested entities will have to make 10 percent of the total cost along with the land for setting up CFC, the remaining 90 percent will be given by the government.

 

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