Sensex up over 500 points to near record on election optimism

MUMBAI (Reuters) - The BSE Sensex gained more than 2 percent on Friday to near record highs on hopes the opposition Bharatiya Janata Party would win a majority in elections set to conclude next week, sending blue chips such as ICICI Bank sharply higher.

India's five-week elections are set to conclude on Monday, with exit polls from media organisations to be issued after the last votes are cast. Actual election results will be unveiled on May 16.

Banking stocks were among the leading gainers, with the National Stock Exchange banking sub-index gaining as much as 3.1 percent to a record high as of 12:20 p.m.

 

ICICI Bank surged 4.2 percent. Other blue chips also gained, with Ambuja Cements up 3.4 percent.

The BSE Sensex was up more than 500 points, while the Nifty gained over 150 points as of 1:20 p.m. 2.4 percent.

(Reporting by Indulal PM; Editing by Rafel Nam)