Sensex erases early gains, up 150 points

Mumbai, May 16 : The sensitive index (Sensex) of the Bombay Stock Exchange, after touching the record high of 25,375.63 points, slowed down quite a bit to 24,055.67 points as vote count showed Narendra Modi-led Bharatiya Janata Party (BJP) is set for a landslide victory in the general elections.

Around 01.45 p.m., Sensex was ruling at 24,055.67 points after touching the highest ever mark of 25,375.63 points in the early trade, up 150.07 points, or 0.63 percent from its previous day’s close at 23,905.60 points.

Analysts said the markets were afire expecting a stable government under BJP’s Narendra Modi, who is also seen as a industry-friendly leader. Every industry-specific index was trading at record highs, exchange data showed.

The 50-scrip Nifty of the National Stock Exchange also surged in a similar fashion in early trade. It gained 94.60 points or 1.33 percent and was trading at 7,217.75 points after crossing 7,400 points in the early trade.

According to officials at the markets watchdog Securities and Exchange Board of India (SEBI), a close watch will be kept on market movements Friday during the counting of votes to prevent any disorderly trading.