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Markets bet strong on Modi win, lift Sensex 650 points

The S&P BSE benchmark Sensex hit 23000-mark for first time in the history of the stock exchange on strong buying by operators and retail investors on the back of persistent capital inflows from foreign funds. The CNX Nifty also rose to an all-time record high. Investors optimism ran high withnessing fenzied buying in Banking, Realty, Power, Refinery, Capital Goods, Metal and Auto sectors.

The 30-share BSE index Sensex hit a new record high of 23,048.49, surpassing previous record of 22,939.31 reached on 25 April, before ending at 22,994.23, showing a biggest gain of 650.19 or 2.91 per cent during the calander year. The NSE 50-share Nifty rose to an all-time high of 6,871.35 before ending at 6,858.80, showing a sharp gain of 198.95 points or 2.99 per cent. 27 scrips from the 30-share sensex pack firmed up sharply on good demand while remaining three declined.

Brokers said emergence of widespread buying by funds as well as retail investors ahead of results of the ongoing general elections next week. Market sentiments are upbeat in hope of a stable government at the centre after the ongoing general elections.
Most Asian stocks ended higher after a tame inflation report from China. Key indices in Hong Kong, Singapore, South Korea and Japan ended higher by 0.12 per cent to 0.31 per cent while indices in China and Taiwan eased by 0.21 per cent to 0.46 per cent.
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