The SP BSE Sensex crossed the 40,000 mark for the first time on Thursday as leads showed Prime Minister Narendra Modi's Bharatiya Janata Party-led National Democratic Alliance (NDA) securing a clear majority.
The 30-scrip benchmark index, Sensex, opened at a record 39,591.77, and gained 1,014.75 points in the first half of the session to hit a fresh all-time high of 40,124.96 as leads showed the NDA winning more than 300 seats out of 543, and the Congress ahead in over 100 seats.
The Nifty surpassed the 12,000 mark for the first time during the session.
Here are 10 things to know about the journey of the Sensex above the 40,000 level:Reliance Industries, State Bank of India (SBI), ICICI Bank, and Larsen Toubro contributed the most to the advances on Sensex on Thursday.On Wednesday, the Sensex soared 1,014.75 points - or 2.59 per cent - to surpassits earlier all-time intraday high registered on Tuesday.The Sensex had crossed the 30,000 mark for the first time in on March 4, 2015, but it took the benchmark index more than two years to take out that level on a closing basis.On April 26, 2017, the Sensex settled at30,133.35, in a first closing above the 30,000 mark.Again, it took the BSE benchmark a little more than two years to complete the journey for the next 10,000 points.Optimism on the election outcome triggered a rally in the markets late last week, which took a breather on Tuesday.Some analysts had anticipated the rally ahead of election results to be short-lived.The BJP has crossed the halfway mark on its own steam and leads showed an NDA sweep in the national elections within two hours of counting of votes.Investors expect a second term will give PM Modi time to carry through those reforms while pushing for more fiscal and monetary stimulus.Banking shares were among the top performers on the BSE.
earlier in the day, the SP BSE Bankex Index hit an all-time high of 35,671 led by gains in Bank of Baroda, IndusInd Bank, Yes Bank, State Bank of India and Federal Bank.Election Results for Lok Sabha Election 2019 will be out on May 23.
Get the latest election news and live updates on TheIndianSubcontinent.com/elections.
Catch all the action on TheIndianSubcontinent Live.
Like us on Facebook or follow us on Twitter and Instagram for news updates from each of the 543 parliamentary seats for the election 2019