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Market spins Rs 2.4 lakh crore wealth for equity investors in 10 minutes

NEW DELHI: Frontline indices Sensex and Nifty opened at record highs on Thursday as the early leads projected Narendra Modi-led NDA is set to form government at the Centre.

The Nifty index topped 11,900 for the first time while the 30-share Sensex jumped 791 points to 39,901 with 28 components in the green.

The market capitalisation of all BSE-listed firms jumped by Rs 2.39 lakh crore within the first 10 minutes of trade.

At first stance, the early leads conformed to the exit poll projections, putting the NDA well ahead of its rivals.

As per ETNow, the NDA was leading at 132 seats while the UPA was leading at 97 seats around 9:20 am.

The counting of votes began at 8 am across 542 out of 543 Lok Sabha constituencies at various counting booths.

The counting process and announcement of results, however, are expected to be delayed by several hours this time as the outcomes of five polling booths per assembly segment will be tallied with voter-verified paper audit trail (VVPAT) slips, an Election Commission release said on Wednesday.

All sectoral indices on BSE were in the green, with energy, finance, industrials, bank, capital goods and power indices jumped over 2 per cent.

On the global front, Federal Reserve officials judged at their latest meeting that their patient approach to interest-rate change would be appropriate for some time, and many sided with Chairman Jerome Powell’s view that the recent dip in inflation was probably temporary.

Members observed that a patient approach to determining future adjustments to the target range for the federal funds rate would likely remain appropriate for some time, according to minutes of the Federal Open Market Committee’s April 30-May 1 meeting released Wednesday in Washington.

Meanwhile, Foreign portfolio investors (FPIs) sold Rs 965.02 crore worth of domestic stocks on Wednesday, data available with NSE suggested. DIIs were net sellers to the tune of Rs 157.75 crore, data suggested.

Source: Economic Times