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Sensex up 470 points, Nifty nears 11,800 (Second Lead)

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Mumbai, May 24 (IANS) The BSE Sensex on Friday afternoon rose around 470 points and the Nifty50 on the National Stock Exchange traded near the 11,800-mark.

At 1.45 p.m., Sensex was trading at 39,282.59, higher by 471.20 points or 1.21 per cent from the previous close of 38,811.39 points.

It had opened at 39,076.28 and has so far touched an intra-day high of 39,395.92 and a low of 38,824.26 points.

The Nifty50 was up 127.75 points or 1.10 per cent at 11,784.80 points.

The rise in stock markets is on the back of the incumbent National Democratic Alliance (NDA) government winning the 2019 general elections with absolute majority. The ongoing counting shows that the NDA has over 350 seats and the BJP alone would secure over 300 seats.

Analysts, however said that market would now start focusing on the US-China trade tension and rising oil prices.

Besides, investors would also look for policy measures to kick-start the slowing economy.

"Of particular importance from a credit perspective will be the extent of the next government’s efforts to improve India’s weak fiscal finances," Fitch Ratings said.

"Fiscal consolidation stalled under the BJP in recent years, and its campaign promise to support farmers’ incomes has added to spending pressure."

The FIIs were also net buyers on Thursday. They bought shares worth Rs 1,352.20 crore.