Markets Lose Steam After Modi Wave Propels Indices to Record Highs
The results of the seven-phase polls for 542 seats would be announced on Thursday, 23 May.
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The BSE Sensex surged over 1,000 points on Thursday, 23 May, to touch the 40,000-mark for the first time ever following the BJP's thumping electoral show, but could not sustain the euphoria as investors chose to cash in on the gains.
In similar movement, the broader NSE Nifty crossed the historic 12,000-level after early trends gave the BJP a comfortable majority in the Lok Sabha, but succumbed to profit booking towards the fag-end of the session.
- The 30-share Sensex tumbled 298.82 points, or 0.76 percent, to close at 38,811.39, while the Nifty settled 80.85 points, or 0.69 percent, lower at 11,657.05
- According to experts, markets had already priced in the election outcome and the focus would now shift to reforms, economic growth, monsoon and developments surrounding the bruising US-China trade conflict
- Interestingly, when the Narendra Modi government came to power on 16 May 2014, the Sensex had rallied 261.14 points, or 0.90 percent, to 24,121.74; and the Nifty jumped 79.85 points, or 1.12 percent, to 7,203
(Catch all the live updates on 2019 Lok Sabha results here. For updates on Uttar Pradesh, Maharashtra, West Bengal and South of India, follow The Quint.)
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Sensex Spurts 140 Pts Ahead of Election Outcome
A day before the Lok Sabha results, the benchmark BSE Sensex on Wednesday, 22 May, ended 140 points higher, bolstered by gains in banking and auto stocks.
After swinging over 300 points during the day, the 30-share index ended 140.41 points, or 0.36 percent, higher at 39,110.21.
The gauge hit an intra-day high of 39,249.08 and a low of 38,903.87.
Meanwhile, the broader NSE Nifty on the same day rose 28.80 points, or 0.25 percent, to end at 11,737.90.
Share Market Today: Sensex, Nifty Open At Record High
Indian equity benchmarks – S&P BSE Sensex and the NSE Nifty 50 – opened at record high after the BJP-led National Democratic Alliance came up in lead in early trends.
The ruling alliance is ahead in over 200 seats while the main opposition, Congress, and its partners are leading in 85 seats as of 8.55 am.
Share Market Today: Rupee Rises 26 Paise to 69.40/USD in Early Trade
The rupee appreciated by 26 paise to 69.40 against the US dollar in the opening trade on Thursday, as counting of votes for the seven-phase Lok Sabha elections began across the country.
Share Market Today: Adani Group Stocks Rally; Adani Enterprises Jumps Over 8%
Shares of the Adani Group companies gained between 3-9 percent in the opening trade.
Adani Enterprises jumped as much as 8.4 percent to Rs 171.20 apiece and was the top performer among the group.
Share Market Today: Sensex Climbs Above 40,000, Nifty Hits 12,000 For First Time
Benchmark indices touched all-time record high as Sensex hit 40,000 and Nifty crosses 12,000 for the first time as early trends are showing that BJP led NDA is taking clear majority.
At 10.35 am, the Sensex was up 887.97 points or 2.27 percent at 39998.18, and the Nifty up 263.10 points or 2.24 percent at 12001.
Nilesh Shah Says Market Pricing In Decisive Moves From Incoming Government
The market is now pricing in that the new government will move decisively on key issues, according to Nilesh of Kotak Mutual Fund.
Speaking to BloombergQuint, he said that the inflation is now at a manageable level – which meant focus should be on growth and ease of doing business. “Our trade deficit has gone up with China. We think local manufacturing should be encouraged,” he said.
Investor Wealth Zooms Rs 2.87 Lakh Cr as Markets Hit Record High
Investor wealth zoomed Rs 2.87 lakh crore in the morning trade led by a rally in the equity market where the BSE benchmark Sensex hit 40,000-mark for the first time ever.
Following the jump in stocks, the market capitalisation of BSE listed companies rose sharply by Rs 2,87,028.8 crore to Rs 1,53,56,153.14 crore in early trade.
From the Sensex pack, 25 scrips were trading with gains led by Yes Bank, IndusInd Bank, L&T, SBI, ICICI Bank, Kotak Bank and RIL.
Reliance Capital Surges 4%
Reliance Capital will exit its entire stake in Reliance Nippon to Nippon Life.
Nippon Life will make mandatory open offer at Rs 230 per share for Reliance Nippon stake.
Rupee Erases Gain, Trades Little Changed
The Indian rupee erased gains and were trading a little changed at 69.67 against the US dollar at 12.30 pm.
Nifty PSU Bank Gains 4%
Nine out of 11 sectoral gauges compiled by National Stock Exchange advanced, led by the NSE Nifty PSU Bank Index’s 3.8 percent gain.
On the flipside, the NSE Nifty FMCG Index was the top sectoral loser, down 0.9 percent.
Sensex Down From Day-High, Testing 39,250-Levels
The BSE index, in afternoon trade, scaled down from its intra-day peak of 40,124.96 and is currently trading at 39,250-levels.
The broader NSE index is up half a percent and is trading just below the 11,800-mark.
Sensex Wipes Gains
Markets plunged into losses after hitting all time high in the intra-day trade as investors indulged in profit-booking. At 3.10 pm, the BSE index was down 275 point or 0.70 percent at 38,835.06.
Closing Bell: Markets Wipe Modi 2.0 Gains
Indian equity benchmarks closed on a volatile note after a record rally during the morning trade, that saw Sensex breach the 40,000 mark.
At close, the Sensex was down 298.82 points at 38811.39, while Nifty was down 55.40 points at 11682.50.
The fall in benchmark indices comes amid Lok Sabha election counting suggested second-term for Narendra Modi as India’s prime minister.
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Published: 23 May 2019,09:27 AM IST