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Sensex Soars 1,422 Points On Exit Poll Results; Nifty Ends Above 11,800

Indian shares posted strong gains on Monday after most exit polls predicted a majority for the BJP-led NDA in the six-week-long general election ended on Sunday.

The benchmark 30-share BSE Sensex ended the session up by 1,421.90 points or 3.75 percent at 39,352.67 while the broader Nifty index jumped by as much as 421.10 points or 3.69 percent to 11,828.25.

A majority of exit polls Sunday forecast a return of the Modi government to office with the NDA securing more than 300 seats to comfortably cross the majority in the Lok Sabha. The results of the seven-phase polls will be announced on May 23.

It is believed that Modi's BJP retaining power will ensure a continuation in economic policies and reform measures initiated during the NDA's first term.

Tata Motors, SBI, IndusInd Bank, Indiabulls Housing Finance and Adani Ports jumped 7-11 percent in the Nifty pack, while Dr Reddy's Laboratories tumbled 5.5 percent and Zee Entertainment Enterprises lost 3 percent.

Globally, Asian stocks ended mixed as trade worries persisted, offsetting a surprise election victory for Australia's pro-coal ruling coalition and upbeat Japanese GDP data.

Markets remained fragile after Chinese foreign minister Wang Yi told U.S. Secretary of State Mike Pompeo in a call that negotiating on an equal footing is the only way to solve pressing trade issues.

European markets drifted lower in early trade, with airline and technology stocks coming under selling pressure after Ryanair warned on profits and China said it's in no hurry to resume trade talks with the U.S.

Alphabet Inc's Google has suspended business with Huawei and German chipmaker Infineon Technologies also reportedly suspended shipments to the Chinese telecom giant, adding another dimension to the U.S.-China trade war.

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