Closing Bell

Amid market euphoria, the benchmark BSE Sensex crossed the psychological 40K mark and the Nifty hit the 12 K level initially and had hit respective record highs when the election trends emerged in favour of the BJP. The sentiment was boosted after the BJP-led NDA reportedly leading in 345 constituencies ensuring NDA forming the government for the second term.

Later, profit-taking from domestic investors at the day's higher levels pushed the indices lower. 

Consequently to the big upward rally following the victory of BJP-led NDA, domestic investors unwound their long positions in market heavyweights such as Reliance, HDFC, SBI, Eicher Motors, ITC, Hindalco, HDFC Bank and Tata Motors and Sun Pharma.

The rupee also fell 34 paise to 70.00 in late session which also dampened the sentiment for the equities.

The BSE Sensex ended lower by 298.82 points, or 0.76%, at 38,811.39. Earlier in the day, the 30-share index zoomed to hit an intra-day high of 40,124.96.

Similarly, the broader NSE Nifty too ended lower by 80.85 points or 0.69%, at 11,657.05, after it touched a record high of 12,041.15 earlier in the day.

Sensex chart intraday

Sensex stocks

Sensex stocks

 

How Sensex moved with the NDA numbers?

The 30-share BSE index Sensex opened on a positive note and zoomed 755 points in the early trade. The initial trends of the Lok Sabha election results showed BJP-led NDA leading in 281 constituencies.

Read more: Here's how the Sensex moved through the day

₹2082 • TCS: Fresh long can be initiated if stock moves above ₹2,105 levels

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RCAP to receive Rs 6000 crore via shareholding sale in RNAM, simultaneous Offer For Sale

Reliance Capital Ltd (RCAP)  on Thursday said it has signed binding definitive agreements with Nippon Life Insurance of Japan to exit its stake in Reliance Nippon Life Asset Management Ltd (RNAM).

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Anil Ambani, Chairman of Reliance Communications and Reliance Capital

SBI: Go long on dips with stop loss at ₹334 levels

₹1340 • Reliance Ind.: Initiate long with stiff stop loss

Sensex Stocks

Senex stocks

Bank of Baroda sees best day in one-and-a-half-year Q4 loss narrows

Shares of  Bank of Baroda Limited  rose as much as 14.2 per cent to Rs 144, their biggest per cent gain since October 2017.

The majority state-owned lender's March-quarter loss narrowed by more than three times to Rs 991 crore, helped by lower provisions.

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Rupee slips

The rupee gave up the initial gains and was quoted at 69.68 againt the dollar on Thursday. It ended yesterday at 69.66.

The domestic currency appreciated by 29 paise to 69.37 against the US dollar as the BJP-led National Democratic Alliance (NDA) is leading in the Lok Sabha elections and is on course to retain power for a second term.

The rupee opened strong at 69.45 at the interbank forex market, then gained further ground and touched 69.37, before being quoted at 69.68.

The rupee had settled at 69.66 against the US dollar Wednesday.

As NDA romps home to victory, Dalal Street is unimpressed

Indian stock market seems set to put up a far muted show on the results day of the 2019 Lok Sabha elections compared to the previous elections. The market opened to the news that the ruling NDA is set to assume charge at the Centre with a far higher majority than expected. This resulted in the Sensex opening at 39,110. By 10.35 am, the benchmark had inched past the historic 40,000 mark to hit a high of 40,124.96 by 10.45.

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Domestic equities cheered exit poll results. File Photo

709 • Infosys : Sell Infosys if falls below ₹702 levels

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Broker's Voice

Mr. Amnish Aggarwal, Head Research Prabhudas Lilladher on Sensex hit 40k nifty crosses 12k. "Election Results are positive for the market as it gives a stable Govt for the next 5 years. However post initial euphoria, focus would shift to hardcore economic decisions and the manner in which slowdown and economy is handled in Modi 2.0. we are positive on long term for the markets, our NIFTY target in a bullish scenario is 13000, for which growth rates need to catch up."

NSE GAINERS

infra equipment manufacturer TIL Ltd has hit the upper circuit level of 20 per cent at Rs 253.55 on the NSE today. Volumes traded in the counter were at 21, 881.

Experts View on Markets:

Mr.B Gopkumar, ED and CEO, Reliance Securities:"Markets were looking for stability, continuity and strong leadership rather than a fractured mandate - this has led to the new high. We believe India allocation from global funds will increase and more ETF flows are likely over the short term that could drive the markets even higher."

Broker's call on Markets:

Mr. Romesh Tiwari, Head of Research, CapitalAim says:

"Markets are expected to trade in a wide range of 2-3% before the trends of results, in the afternoon, comes out. Consensus on the big upward rally on the victory of BJP lead NDA can be used for unwinding long positions on market heavyweights like Reliance, HDFC, SBI etc.

If BJP wins, then the markets may make new highs and the rally we have seen on Monday will continue. In that case Sensex can attempt to cross 41,500 and Nifty 12,300 and we can see profit booking at that level.

Reaction of Midcaps and SmallCaps will be interesting to see as they are trading at better valuations than market heavy weights.

However, market may turn very volatile intraday once the trends of results start coming over. "

Sabarimala backfires on BJP as UDF gains big in Kerala

Party president Rahul Gandhi is leading the charge from Wayanad where he has already secured a lead of more than a lakh votes

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Kummanam Rajasekharan

Sensex, Nifty prune gains

The benchmark BSE Sensex after ralliying 1,000 points and the NSE Nifty soaring over 200 points to hit their respective record highs initially, gave up some of the gains intraday.

Investor sentiment was boosted by recent trends that suggested a win for the ruling NDA.

Amid market euphoria, the rupee also appreciated 17 paise to 69.49 against the US dollar in opening trade.

The 30-share index zoomed over 2 per cent to hit an intra-day high of 40,124.96. Similarly, the broader NSE Nifty too spurted more than 2 per cent to touch a record of 12,041.15.

The Sensex was now quoted at 39,533.10, up by 422.89 points and the Nifty, on the NSE, was being quoted at 11,873.60, up by 135.70 points

Top Sensex gainers include IndusInd Bank, SBI, L&T, PowerGrid, Yes Bank, Kotak Bank, ICICI Bank, RIL, HDFC, Bharti Airtel and Axis Bank, rallying up to 7 per cent.

Sensex stocks

Elections Results Live: With leads in 294 seats, 'Modi wave' sweeps the nation

Get all the election results 2019 live updates here

11:05 AM |  The Election Commission of India (ECI) has released leading trends for all 542 constituencies of which the BJP is leading in 294 Lok Sabha constituencies while the Congress is leading in 50 constituencies.

As per the ECI data, Congress President Rahul Gandhi is trailing in Amethi.  

If the lead trend continues, the BJP will not even require support of its alliance partners to form the government. However, BJP leaders have not given any reaction as part is waiting for concrete results to come out.   

Exit polls predict second term for Narendra Modi-led NDA. Representational image

The BSE Senex had hit a psychological 40,000-mark briefly, and is now being quoted at 39,691.12, up by 580.91 points.

On the NSE, the Nifty too briefly crossed the 12,000-mark. Currently, the index was quoted at 11,909.30, up by 171.40 points.

Bank Nifty index

Rupee rises 17 paise to 69.49 vs dollar

The rupee appreciated by 17 paise to 69.49 against the US dollar on Thursday, as counting of votes for the seven-phase Lok Sabha elections is still going on. The counting exercise is on in over 4,000 counting centres. The BJP-led National Democratic Alliance (NDA) is on course to retain power for a second term as the alliance is leading in 336 constituencies.

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Nifty Next 50 Gainers

Nifty Next 50 Gainers

NSE TOP GAINERS

NSE TOP LOSERS

NSE TOP LOSERS

Nifty Sectoral Indices

Nifty Sectoral Indices

Broker's call: Jubilant FoodWorks (Long)

Equirus Securities

Jubilant FoodWorks (Long)

CMP: ₹1,288.95

Target: ₹1,403

Jublilant's 4Q revenues grew 11 per cent y-o-y to ₹865 crore, 5 per cent below EE, on muted SSSG (same store sales growth) of 6 per cent (Equirus estimate (EE): 11 per cent). EBITDA was up 16 per cent y-o-y to about ₹147 crore, 6 per cent below EE. Pressure on dine-in revenues, a higher 4QFY18 base and store splits led to muted SSSG for 4Q. Below-expected SSSG could have hit EBIDTAM (+68 bps y-o-y to 17.1 per cent, in line with EE) due to operating deleverage, but was negated by the gross margin expansion (+176bps y-o-y/51 bps q-o-q to 76.1 per cent).

Sensex stocks

How to play likely Modi victory? Analysts say mid-caps may shine

A battered corner of India’s $2.1 trillion stock market — mid-cap shares — may be ready to shine after exit polls in India signalled a second term for Prime Minister Narendra Modi.

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Mid-caps

Broker's call: JK Cement (Accumulate)

Elara Capital

JK Cement (Accumulate)

CMP: ₹960

Target: ₹1,045

JK Cement (JKCE IN) reported about 12 per cent y-o-y growth in net sales to ₹1,470 crore vs our and consensus estimates of ₹1,470 crore and ₹1,460 crore, respectively. However, improved realisation led to a about 54 per cent y-o-y jump in EBITDA to ₹280 crore vs our and consensus estimates of ₹270 crore and ₹250 crore, respectively, and expansion in EBITDA margin to 19 per cent vs 13.9 per cent in Q4FY18 and 16.7 per cent in Q3FY19. Reported PAT was up about 55 per cent y-o-y to ₹150 crore vs our and consensus estimates of ₹150 crore and ₹130 crore, respectively, on strong operating performance.

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BSE SECTORAL INDICES

BSE SECTORAL INDICES

The benchmark BSE Sensex spurted higher following heavy buying from domestic financial institutions. Markets cheered as the Modi-led NDA is leading in 281 constituencies.

The BSE Sensex rose 755 points to 39,866.10, while the Nifty, on the NSE, gained 226. 90 points at 11,964.70.

Sensex stocks

Pre-Open Session

The BSE benchmark index gained 481 points at 39591.77 and the Nifty, on the NSE, rose 163 points at 11,901.30 even as the counting of votes began for the Lok Sabha elections that ended last Sunday. 

The Modi-led NDA was leading in 263 constituencies and the Congress-led UPA was leading in 77 consituencies as of now.

IW29_YI_lead_Markets and Superstition_blakn_GHF2QHJNU.1+IW29_LEAD7.jpg

NSE co-location scam: CBI to go after the high and mighty

The Central Bureau of Investigation (CBI) has decided to investigate the “wider angle” and “wider conspiracy” involved in the ₹50,000-crore NSE co-location scam.

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The NSE co-location scam is all about market manipulation at the exchange

Day Trading Guide for May 23, 2019

Given below are supports and resistances for Nifty 50 futures and seven key stocks that can help in your intra-day trading:

₹2405 • HDFC Bank

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₹709 • Infosys

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Today's Pick: Reliance Capital (₹128.3): Buy

Investors with a short-term perspective can buy Reliance Capital at current levels. Following a sharp fall in early February, the stock found support at around ₹107. Failing to surpass the key resistance at ₹200, the stock once again started to decline in March, But, medium-term support in the band between ₹103 and ₹108, has started cushioning the stock from falling further.

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Asia shares sink to 4-month low on US-China trade conflict

Asian shares carved out a four-month trough on Thursday amid worries the Sino-U.S. trade conflict was fast morphing into a technology cold war between the world's two largest economies.

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