Markets rally after Lok Sabha elections announcement

Markets rally after Lok Sabha elections announcement

Mumbai: Equity benchmark indices rallied in early trading on Monday after some poll predictions showed the ruling NDA alliance is likely to come close of winning a simple majority in Parliament following the general elections beginning on April 11.

At 11:15 am, the BSE S&P Sensex jumped 313 points to 36,984 while the NSE Nifty 50 was up 107 points at 11,142.

State Bank of India, ONGC, Coal India and Hero MotoCorp traded higher. But IndusInd Bank, Kotak Mahindra and NTPC slipped on the Bombay Stock Exchange.

Traders said Prime Minister Narendra Modi is likely to benefit from tensions with Pakistan.

According to C-Voter poll survey, a total of 241 seats could go to his BJP-led alliance compared to 141 to the Congress-led opposition alliance.

Meanwhile, Asian shares struggled for recovery after US employment data raised doubts about the strength of global economy.

Investor sentiment was nervous ahead of the crucial Brexit votes in British Parliament later this week.