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Sensex jumps before election results

May 15, 2009

INDIA-STOCKS/The Sensex rose 301 points to 12,173 on investor optimism about the formation of a stable government.

Index heavyweight and top private lender ICICI Bank gained over 7 percent to close at 574 rupees. Its shares have gained 28 percent this year.

Stalwarts Reliance Industries and Bharti Airtel too made impressive gains, adding 2 percent and 4.6 percent respectively.

Among sectors, the Bankex led the pack with gains of 3.8 percent. Other than ICICI, Oriental Bank of Commerce also registered smart gains of over 7 percent.

FMCG stocks traded weak and its index was the only one to end in negative territory.INDIA-ELECTION/

Some stocks that rallied included Aban Offshore (up 22 percent), Blue Star (up 20 percent) and Patni Computer (up 14.4 percent).

Cairn India, Unitech and Suzlon Energy were among the top traded counters on the BSE.

All eyes are now on tomorrow’s election results. Who do you think is the frontrunner – the UPA or the NDA? How will the outcome impact the stock market?

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