The Sensex gained 556 points while Nifty gained 155 points by recording second consecutive high.
Indian markets continued to scale new highs after Friday’s session when Sensex gained 650 points.
The Sensex had touched 23000 on Friday. The Sensex gained 556 points or 2.42 percent today to reach an all-time high of 23,551. It hit an intra-day high of 23,572.88. The Sensex has gained 5 percent in May in the run to election results.
The 50-share Nifty crossed 7000 mark for the first time and ended the day at 7014, gaining 155 points.
“The market is moving upward mainly on the back of likely positive outcome on the day of exit polls. However, such move in frontline and index stocks is increasing the valuation gap between mid-size stocks and frontline stocks. In case the outcome of the event comes turns out as per expectations, then we can expect massive buying into mid cap stocks. In the short term technically the Nifty has broken monthly highest, which was at 6870 that should lift the index to 7200 in next one or two days,” said Shrikant Chouhan, Head- Technical Research, Kotak Securities.
The national elections ended on May 12 and the results are due on May 16.
