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Sensex posts biggest one-day gain in 10 years

Sensex posts biggest one-day gain in 10 years

Indian markets jumped sharply on 20 May, posting their biggest one-day gain in 10 years, after exit polls showed BJP-led NDA getting a comfortable majority in Lok Sabha elections.

Most of the exit polls predicted a majority for the Prime Minister Narendra Modi's BJP and its allies after the six-week-long general election ended on 19 May.

The rupee also jumped against the US dollar.

The Sensex rose 1,421 points to 39,352 while Nifty surged to settle at 3.7% higher at 11,828, their highest close ever. The results of Lok Sabha elections will be announced on 23 May 2019.

Indian Stock Exchange

Most of the trading in the Indian stock market takes place on its two stock exchanges: the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE).

The BSE has been in existence since 1875. The NSE, on the other hand, was founded in 1992 and started trading in 1994. However, both exchanges follow the same trading mechanism, trading hours, settlement process, etc.

Almost all the significant firms of India are listed on both the exchanges.

NSE enjoys a dominant share in spot trading, with about 70% of the market share, as of 2009, and almost a complete monopoly in derivatives trading, with about a 98% share in this market, also as of 2009.

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