Indian stocks index breaches 24,000 pts

Indian stocks market benchmark Sensex breaches 24,000 points for the first time riding on the exit poll results on Tuesday. The BSE Sensex -30 rallied as much as 370 points in trade , after exit poll results showed that BJP led National Democratic Alliance (NDA) is expected to win India's general elections comfortably. All the sectors were trading in green. The rally was led by capital goods, banking, oil and gas, metal, consumer durables, auto and IT sectors. Stocks have rallied strongly in the last two trading days ahead of the exit polls on Monday evening, led by foreign institutional purchases which have already crosses Rs 5,000 crore in the Indian market so far this month on hopes of a stable and reforms-oriented Government. "Exit polls indicate possibility of a stable government at the center. In the initial jubilation surrounding a new government, the markets are expected to see a swift rise." said Sudhakar Ramasubramanian, CEO of Aditya Birla Money. "Cyclicals and banks will continue to remain in focus. We believe that the long term bullish trend is firmly in place and investors should use any short term volatilities to invest in the market with a long term orientation," he said. Following the momentum, the 50-share Nifty index was trading 1. 4 per cent higher at 7112.65. Earlier on the day, the index rose over 100 points to hit its fresh record high of 7116.20 in trading. The BSE Sensex has already gained a little over 12 per cent so far in the year 2014 and if NDA-led government does come at the center, the index can rally another 10 per cent by December-end, say experts.