Sensex volatile after surging to a five-month high

India stocks fluctuated after the benchmark equity index closed Tuesday at its highest level in over five months.

The S&P BSE Sensex added 0.2 percent to 37,612.06.77 as of 9:37 a.m. in Mumbai after falling by the same magnitude. The NSE Nifty 50 Index also swung between gains and losses of 0.2 percent.

Both indexes are headed for monthly gains amid optimism Prime Minister Narendra Modi’s government may win another term when election results are announced in May, with a rise in nationalistic sentiment seen by some investors as boosting its prospects.

“Profit booking is expected after two sessions of strong gains but we believe the positive sentiment around the rising possibility of a second term for the current government will offset any sharp decline,” said Ritesh Ashar, chief strategy officer at Mumbai-based Kifs Trade Capital Pvt. Ltd. “Volatility is a given but strong stock and sector specific buying will remain intact.”

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