Sensex rallies 4% on BJP win hopes

published on May 12, 2009

MUMBAI:  The Sensex snapped a two-day fall and rallied 4.1 percent on Tuesday to its highest close in more than seven months as investors began betting the Bharatiya Janata Party (BJP)-led group, which is seen as market friendly, would win national elections.

Traders said the market was boosted by hopes the next government would not need the support of communists, who had stalled reforms when they allied with the ruling Congress party-led coalition for most of its five-year term.

“There is speculation that the election will result in the formation of a stable government that excludes the left,” said T.S. Harihar, senior vice president at ICICI Securities.

The BJP-led group, which suffered a shock election defeat in 2004 and was trailing for weeks in the month-long elections, may now be gaining momentum against a fumbling ruling Congress party coalition thanks to some savvy alliance building.

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Sensex rallies 4% on BJP win hopes

 

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