Mumbai, May 20: Indian markets jumped sharply today in early trade after exit polls showed BJP-led NDA getting a comfortable majority in Lok Sabha elections. Most of the exit polls predicted a majority for the Prime Minister Narendra Modi’s BJP and its allies after the six-week-long general election ended on Sunday.

The rupee also jumped against the US dollar. The Sensex jumped nearly 962 points to 38,892 at day’s high while Nifty rose to 11,694. The results of Lok Sabha elections will be announced on Thursday.

Here are 10 updates from Indian markets:

1) The rupee rose to a two-week high of 69.36 against the US dollar, as compared to its Friday’s close of 70.23.

2) “The exit results are better than the expectations. I am quite optimistic at these levels,” said Motilal Oswal, CMD of Motilal Oswal Financial Services.

3) “Most of the exit polls are predicting the continuity of a stable government, which is a positive sign for the markets considering that the overhang of political uncertainty will be out of the way. The continuation of policies and reforms is an added comfort,” said Jagannadham Thunuguntla, senior VP and head of research (Wealth) at Centrum Broking.

4) But after the actual election results are announced, the market’s focus will shift back to economy and earnings, he added.

5) Key companies that will announce their March quarter earnings today are BPCL, HPCL, Tata Motors, Glaxosmithkline Pharmaceuticals, Torrent Pharmaceuticals and SREI Infrastructure Finance.

6)The midcap and smallcap stocks that have underperformed this year could start to outperform, said Sanjiv Bhasin, EVP for markets and corporate affairs at IIFL.

7) Some analysts expect the inflows from foreign investors to improve after the election results are announced. Overseas investors have pulled more than $650 million combined from local shares and bonds this month.

8) Overseas investors were the big drivers of the market rally in March and April after they pumped over ₹30,000 crore into Indian markets in March alone.

9) Asian markets were steady today despite escalating trade tensions between the US and China. MSCI’s broadest index of Asia-Pacific shares outside Japan tacked on 0.6% after a steep 3% loss the previous week. U.S. S&P 500 e-mini futures also turned higher, rising 0.5% following losses on Wall Street on Friday.

10) The modest gains came even as financial markets remained on edge over the intensifying China-US trade war, with the Trump administration last week adding Huawei Technologies Co Ltd to a trade blacklist.

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