Sensex gallops 900 points in anticipation of Modi Sarkar 2

Indian equity markets are on Cloud 9 after exit polls predicted that the ruling NDA will stay in power and BJP's Narendra Modi will get a second term at office.

Although the election results will be announced on May 23, several exit polls have predicted a clear majority for BJP lead government at the center.

At 10:25 hours, the benchmark BSE Sensex was trading at 38,840.17, up by 909.40 points or 2.40 per cent and Nifty50 was at 11,675.75, up b 268.60 points or 2.35 per cent on Monday. The advance decline ratio of 44:6 showed that the bulls were incharge of the market direction. Nifty Bank was up by 3.29 per cent at 30,420.45, up by 970.30 points.

On a broader market basis, Nifty Midcap 100 was up 3.58 per cent and Nifty Small Cap 100 was up 3.77 per cent. Except Nifty IT all sectoral indices were in the green. Nifty Metal and Realty indices were up more than 4 per cent, while Auto index was up by 3 per cent, followed by FMCG and Media indices up by 1 per cent each.

Among the top gainers on Nifty were IndiaBull Housing, Ultratech Cement, M&M, L&T, SBI up between 6 to 4 per cent. While the top losers were Dr. Reddy's, Bajaj Auto, Tech Mahindra and Infy down between 3 to 1 per cent. On Sensex the gainers included IndusInd, ICICI Bank and Tata Motors.

Index heavyweight Reliance was fuelling the rally contributing 162.21 basis points, followed by Axis Bank contributing 92.43 points, while SBI 49.20 points and L&T and Bajaj Finance contributing 32.93 and 31.36 points each.