Rs 1 lakh in this stock returned Rs 1,27,000 in 7 hours today!

Day after the exit poll results predicted a big victory for the BJP-led NDA, a huge rally was witnessed in the markets today. Benchmark BSE Sensex closed the day at 39,352.90, gaining 1421.90 points, or 3.75% compared to the previous day.

A man walks past the Bombay Stock Exchange (BSE) building in Mumbai. Representational Image/Pixabay

Day after the exit poll results predicted a big victory for the BJP-led NDA, a huge rally was witnessed in the markets today. Benchmark BSE Sensex closed the day at 39,352.90, gaining 1421.90 points, or 3.75% compared to the previous day. Similarly, the Nifty 50 rallied to 11,828.25, gaining 3.69% or 421.10 points, by the close of the markets at 4 pm. On BSE, Adani Enterprises Ltd was the biggest gainer. Its shares gained 27.41% in the intra-day trade, closing the day at 151.55. Previously, it had closed 32.60 points lower at 118.95. If somebody had shares worth Rs 1 lakh of Adani Enterprises Ltd at the start of the day, the value of his investment grew to Rs 1.27 lakh by the time market closed. If the person had sold the shares by the close of the market, h/she would have made a whopping 27%, or Rs 27,000, earning within 7 hours of trade!

Along with Adani, prices of several other stocks appreciated during the intra-day rally.

Experts had previously predicted a favourable exit poll predictions for the current regime led by Prime Minister Narendra Modi would boost the markets.

The benchmark Sensex had opened today at 38,701.18 from its previous close of 37,930.77. A further rally is expected in the market if the exit poll predictions come true on May 23.

In July 2018, Global Investment Bank Morgan Stanley had seen the Sensex cruising at around 44,400 by June 2019 if the poll result is strong.

The seven-phase Lok Sabha elections ended on Sunday. The counting of polls would be carried out by the Election Commission on May 23 (Thursday). On Sunday, most of the exit polls predicted a clear majority of the BJP-led NDA government under Prime Minister Narendra Modi.

The surveys have shown BJP weeping several states in the north and western India. BJP is also expected to do well in West Bengal and Odisha - two states where it had performed poorly in 2014 Lok Sabha elections.

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