Key equity benchmarks, BSE Sensex and NSE Nifty50 have traditionally shown a rise during or post Lok Sabha elections in expectation of a stable government. This time, the Sensex had started to rally since mid-February, 2019 and has gained around 10 percent till now.

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Today, the Sensex and Nifty witnessed the biggest one-day gain since 2009. Nifty Bank was up 1,200 points at its record-high, and saw its biggest one-day gain ever. Meanwhile, Sensex reclaimed 39,000 mark by climbing over 1,300 points, and Nifty50 rose about 380 points to 11,793.75.

According to the historical Sensex data on the BSE, the benchmark index saw a massive growth during the 2009 general elections quarter. During April- June quarter, it surged 49 percent. However, in the last 11 years, there have been 10 instances where Sensex surged over 700 points.

The maximum rally that Sensex ever witnessed was on 18 May, 2009 when most opinion and exit polls predicted a hung Parliament, and the Congress emerged as the biggest party with over 200 seats. On the day, the Sensex rose more than 2,000 points, going from 12,173 on 15 May, 2009 to 14,284.21 on 18 May, 2009.

In fact, the index saw a surge of more than 700 points twice last year. Once on 29 October 2018 when Sensex climbed 718 points above 34,000 level after the Reserve Bank of India (RBI) decided to pump in Rs 40,000 crore into the economy by November 2018 with an aim to tackle liquidity crunch.

Another such instance was on 12 October, 2018.

Now, the benchmark index is witnessing its biggest gain today after 10 years. On Monday, Sensex has rallied by about 1,139 points to cross the 39,000 level.

First Published:May 20, 2019 3:07 PM IST