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BJP win buoys markets

Shares have rallied at Bombay exchanges as the counting of votes indicates a clear mandate for Prime Minister Atal Bihari Vajpayee's Bharatiya Janata Party-led National Democratic Alliance in the national elections, dealers said. The 30-share Bombay Sensex is up four per cent or 188 points at 4,886 points. While the 50-share NSE index Nifty is up 3.8 per cent or 53 points at 1,446 points. The Nifty has entered new territory, said traders.

If the BJP alliance manages to cross the 300 mark, the markets are expected to go up further. A news report of about 100 foreign funders waiting to enter India has also boosted the market sentiments.

Market observers expect the index to cross the magic 5,000 mark very soon, a dealer said, adding that going by the activity taking place today, it may not be a surprise if the index touches the 5,000-mark this week itself.

He further said that index heavyweights HLL and ITC have not yet started to move up in today's market. Once they also join the rally, it will be the best bull run in the history of the market.

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