Sensex, Nifty Rally Over 3% As NDA Looks To Form Govt
(RTTNews) - Indian markets rebounded sharply on Wednesday, after having suffered heavy losses in the previous session amid concerns that a smaller majority will see Prime Minister Modi face more difficulty in doling out reforms and infrastructure spending.
The benchmark S&P BSE Sensex rallied 2,303.19 points, or 3.20 percent, to 74,382.24 as a third term for Prime Minister Narendra Modi appeared certain with the NDA hovering around the 300 mark.
The broader NSE Nifty index jumped 735.85 points, or 3.36 percent to 22,620.35 as government and cabinet formation loomed in the background.
Among the prominent gainers, Mahindra & Mahindra, Tata Steel, Hindalco, IndusInd Bank and Adani Ports surged 6-7 percent.
Modi has resigned along with his Council of Ministers, paving the way for the formation of the new NDA government.
The swearing-in ceremony for Prime Minister Modi is likely to take place on June 8, marking the official start of his new term.
NDA partners are meeting today at PM Modi's residence where the government formation will be discussed among leaders.
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