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Sensex hits 40,000 mark for first time ever as trends show NDA leading

Mumbai: The BSE Sensex crossed 40,000 mark for the first time ever and was up by nearly 900 points as early trends in counting of votes for Lok Sabha elections showed Prime Minister Narendra Modi's National Democratic Alliance (NDA) was ahead of its main opposition United Progressive Alliance (UPA) . Nifty crossed 12000 points.

Investor sentiment has been buoyant since exit polls were announced on Sunday, with both the Nifty and the Sensex gaining 3.7% each the next , a level last seen in 2014.

"We absolutely believe Nifty will cross 12,000 if NDA manages to secure a majority," said Amit Gupta, chief executive of brokerage firm TradingBells.

"However if this doesn't happen and there is a hung parliament, or UPA comes into power, we can expect to see a huge correction, downside movement up to 10,450."

The broader Nifty was up 1.43% at 11,906.15 as of 0350 GMT, while the benchmark Sensex was 1.52% higher at 39,706.36.

The Nifty rose 64.8% during PM Modi's first term till Wednesday's close while the Sensex gained 63.6% during the same period.

IndusInd Bank was the top percentage gainer on the Nifty, rising 5%, while State Bank of India Ltd climbed 3.2% higher.

Index heavyweights Reliance Industries Ltd was 2% higher while Housing Development Finance Corp Ltd climbed 2.5%. Only one stock was trading lower on the Nifty.

(With inputs from Hindustan Times)

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