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Markets surge: Sensex up 450%, Nifty near 7,500

philosophyBenchmark share indices were trading near their day’s highs in late morning deals ahead of the oath taking ceremony of Narendra Modi as India’s 15th Prime Minister. Gains were led by funds good and financial.

At 11:45AM, the thirty-share Sensex was up 454 points at 25,148 and the 50-share Nifty market was up 129 points at 7,496.

Hectic activity was also seen in the broader markets with the BSE Mid-cap up 1.3% and the BSE Small-cap surged 1.4%.

The rupee recovered by 12 paise to trade at eleven-month high of 58.40 against the US money as foreign funds inflow increased ahead of the oath taking ceremony of Narendra Modi while strong gains in equities also helped improve sentiment.

Mean-while, foreign institutional investor which had turned net seller in equities have once stepped up purchase after they bought equities worth Rs 417 corer on Friday.

A sharp rise in the Asian Stock Market is evident as Ukraine’s chocolate tycoon Petro Poro­shenko came out victorious in the presidential election held on Sunday. He has been given a chance to resolve the extensive lasting conflict between the west and Russia and ensure political strength. China’s Shanghai Composite was up by .2%. Nikkei 225 Average rose .64% and Straits Times climbed.1%, whereas Hang Sang dipped, 11 percent.

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