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A screen displays stock figures inside the Bombay Stock Exchange (BSE) building in Mumbai, India. Image Credit: Bloomberg

Dubai: Indian equity indices were in striking distance of a record high as exit polls suggested a Modi-led National Democratic Alliance would cross the halfway mark.

Most exit polls on Sunday forecast another term for Prime Minister Narendra Modi, with some of them projecting that the BJP-led National Democratic Alliance (NDA) will get more than 300 seats to comfortably cross the majority mark of 272 in the Lok Sabha.

The benchmark Sensex index jumped as much as 1,480 points or a high of 39,412.56, before closing 3.75 per cent higher at 39,352.67.

The index, which has gained 9 per cent since January 1, touched a record high of 39,487.45 in mid-April.

The Nifty index touched a near record high of 11,845.20, before closing 3.69 per cent higher at 11,828.25.

The Nifty index has gained 9 per cent since the start of the year.

“If the final results are better than the exit polls, then the Nifty would target 12,200 in 3-5 weeks,” Phaneendar Bhavaraju, Managing Partner & Head Global Market Strategy at Arrow Capital DIFC told Gulf News. “But after that a lot would depend on what’s happening on trade war, dollar liquidity and US yields front.”

The Indian rupee strengthened against the US dollar.

The rupee rose 0.87 per cent to be at 69.736 against the dollar.

“Rupee could re-test its earlier lows of 68.30. We don’t a significant downside from that level,” Bhavaraju said.