Sensex up 275 pts, Nifty above 11,700

Mumbai (IANS) Sensex on Friday opened on a firm note but shed most of its gains to trade just over 275 points higher from its Thursday's close.

The Sensex at 11.46 a.m., was trading 275.94 points or 0.71 per cent higher at 39,087.33.

The Nifty was up 76.90 points or 0.66 per cent to 11,733.95.

On Thursday, the BJP was seen coming back to power at the Centre with around 350 seats and the saffron itself getting over 300 seats.

Analysts have said that after the election euphoria is over, markets will start focusing on the US-China trade tension and rising oil prices.

Besides, investors will also look for policy measures to kick-start the slowing economy.

"Of particular importance from a credit perspective will be the extent of the next government's efforts to improve India's weak fiscal finances," Fitch Ratings said.

"Fiscal consolidation stalled under the BJP in recent years, and its campaign promise to support farmers' incomes has added to spending pressure."

The FIIs were also net buyers on Thursday. They bought shares worth Rs 1,352.20 crore.

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