Sensex recorded the second highest one-session gain ever, closing 1,421.90 points up at 39,352. Nifty ended the day 421 points up at 11,828.
The primary reason for the surge was exit polls that clearly indicated Modi-led NDA to make a thumping return to power on May 23.
New18-IPSOS survey projected NDA to get 336 seats while UPA to be limited to mere 82 seats out of the total 543 Lok Sabha seats.
Sensex saw its biggest surge on May 18, 2009 when it rallied the most in a single trading day. The index surged 2,110.79 points to close at 14,284.21.
Of the top 10 biggest rallies, excluding the one on May 20, 2019, Sensex recorded two 800-point one-session gains in 2007.
The year 2008 was the most fruitful as it saw as many as seven such rallies. Sensex gained 1,139.92 points on January 25, 2008 to close at 18,361.66—the only other instance when it rallied over 1,000 points in a single session.
Table: 12 of the biggest rallies in Sensex. This does not include over 1,400 point rally on May 20, 2019.
On May 20, 2019, thanks to the surge, investors’ wealth rose by more than Rs 5 lakh crore in just one session. The average market capitalisation of the BSE listed companies rose to Rs 151.93 lakh crore compared to Rs 146.58 lakh crore recorded on May 17, Friday.