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Market Update

Sensex in India Extends 3-day Rally

Author: Devan Biswas
Last Update: 11:48 AM ET May 13 2014

Market indexes in Mumbai extended surge for the third day in a row and the Sensex index closed at a record high on the expectations that the Narendra Modi led BJP and the NDA alliance will be able to form a stable government as early as next week.

The Lok Sabha election results are scheduled to be announced on May 16 and exit-polls are indicating a sharp reversal in voter sentiment from the previous two elections in 2009 and 2004.

However, exit-polls have overstated BJP and NDA win in the previous two elections and the polls have found to be unreliable.

The Sensex Index climbed 320.23 or 1.4% to close at 23,871.23 The CNX Nifty jumped 94.50 to close at 7,108.75.

Sensex in the last three days have added more than 6.5% and for the year so far has surged 12.8%, surpassing the annual gain of 9% in 2013.

Rupee continued its slow rise to 59 against one U.S. dollar as foreign investors pour money in stocks in India.

Sources: Data collected by 123jump.com and Ticker.com from company press releases, filings and corporate websites. Market data: BATS Exchange. Inc