The Indian benchmark indices opened at record highs on Thursday as early trends indicate that Prime Minister Narendra Modi-led National Democratic Alliance (NDA) could win majority seats in the 2019 Lok Sabha elections. NDA has already crossed the halfway mark of 272 seats in the trends.
Meanwhile, the Asian shares were stuck in the red amid worries the Sino-US trade conflict was fast morphing into a technology cold war between the world’s two largest economies.
The BSE Sensex gained as much as 702 points to hit a new high of 39,812 surpassing the previous high of 39,571.73 hit on May 21. Meanwhile, Nifty also surged 169 points to hit a record high of 11,907, surpassing the previous high of 11,883, hit on May 21.
At 9:20 am, the Sensex was up 544 points at 39,654, and the Nifty50 was trading 155 points higher at 11,892.
IndusInd Bank, Indiabulls Housing, Zee, SBI, and PowerGrid were among the major gainers on the Nifty50, whereas ONGc, Vedanta, UPL and Tata Motors were the only losers on Nifty50.
All sectoral indices gained at the opening. Nifty PSU Bank rose the most among sectoral indices, up nearly 3.5 percent followed by Nifty Media (up 2.85 percent) and Nifty Bank (up 1.9 percent). Nifty Auto, Nifty FMCG, and Nifty Realty also gained 1 percent each in morning deals.
IndusInd Bank rose 5 percent after the bank said that the exposure to stressed companies (funded + non-funded) was at 1.9 percent and it recovered Rs 700 crore in Q4FY19.