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The BSE Sensex hit a record high today on hopes the opposition Bharatiya Janata Party would win a majority in elections set to conclude next week. The five-week-long elections are set to conclude on Monday, with exit polls from media organisations to be issued after the last votes are cast. Actual results will be unveiled on May 16.
The BSE Sensex climbed to a new record high of 23,037.65 points today. The NSE index Nifty also rose 186.35 points, or 2.80 per cent, to trade at 6,846.20.
The market has seen quite a rally in the last couple of month on hopes of a new government. And, now that the polls are over and the results will be known in just another week, markets are climbing to an all-new high.
Punita Kumar Sinha, managing partner at Pacific Paradigm Advisors, told CNBC-TV18 that these elections will alter the fundamentals of the economy.
“These are fundamentals like the fuel subsidies, the investment climate, growth slowdown and all of that has to be tackled in a very decisive manner. The nature of the government will determine the course of the economy over the next few years,” she told the channel.
The following chart shows how the BSE Sensex has zoomed in the last five months
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