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Sensex Gains On Continued Optimism After Modi Win

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The BSE Sensex and Nifty are trading higher as optimism continues after a Narendra Modi-led Bharatiya Janata Party won a majority in the country's elections.

Although both indexes are well below the record highs hit on Friday, when the Nifty gained as much as 1.2 percent before pulling back, brokers continue to raise their targets for the year.

Overseas investors bought Indian shares worth of Rs 3634 crore ($615.6 million) on Friday (16 May), marking their biggest single-day purchase since March, provisional exchange data shows.

Domestic oriented stocks gain, with Coal India surging 7 per cent and Tata Power Company adding 6.7 per cent.

However, analysts outpoint that stocks are now looking overbought as per technicals, which may lead to some consolidation in the near term.

The BSE Sensex was trading up 0.5 per cent while the Nifty gained 0.4 per cent as of 10.23 a.m.

(Reuters)


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