With the Modi wave having an effect in most part of the country, the markets have felt a fair share of the impending election poll results. As euphoria grips investors on the prospects of Modi getting a comfortable second term, the bellwether gave an emphatic 3% rise check taking the Sensex up a solid 1,044.68 points. Caveat last all eyes will be on May 23, but if the exit polls are any indication the market could stay buoyant for some time.
Benchmark indices been big gainers with Nifty reclaiming 11,700 and Sensex trading above 38,900 level. The Sensex is up 1,029.60 points or 2.71% at 38960.37, and the Nifty up 302.20 points or 2.65% at 11709.40. About 1743 shares have advanced, 481 shares dropped, and 113 shares are remain unchanged.
The stock market is based on a country’s economy. Stock market has been impacted by many factors which are political, weather condition etc. The volatility in the stock market and its fluctuations are directly proportional to news. The present exit polls with NDA in the leads has proved to be a kick starter for the domestic stock markets.
The equity benchmark Sensex may hit the level of 40,000 if Modi-led BJP government manages to secure 300 seats out of the total 543 seats in the 2019 Lok Sabha elections, according to market analysts.
We expect Nifty 50 to retest the recent high of ~11, 850 before 23rd May. Break out into a new zone would depend on whether BJP on its own is able to secure more than half the seats.
BSE Energy has been up 189.66 points to 4,835.66 whereas BSE PSU has seen a 357.85 points increase to a decent 7,564.23 mark.
Benchmark indices has further gains with Nifty reclaimed 11,700 and Sensex trading above 38,900 level. At 11:54 hrs IST, the Sensex is up 1,029.60 points or 2.71% at 38960.37, and the Nifty up 302.20 points or 2.65% at 11709.40. About 1743 shares have advanced, 481 shares declined, and 113 shares are unchanged.
“The rise in main Indices is justified considering the Numbers that have come in the Exit Poll. We expect Nifty 50 to retest the recent high of ~11, 850 before 23rd May. Break out into a new zone would depend on whether BJP on its own is able to secure more than half the seats.” says Rusmik Oza, Head of Fundamental Research, Kotak Securities on ‘Sensex vaults 900 points’
In a pleasant course of events, today’s sessions had seen a lot of buying in banking, auto, financials and realty sector shares with the gauge of banking shares – Nifty Bank Index – hitting a record high of 30,827.85. There have been 11 sector gauges compiled by National Stock Exchange with a 7.8 per cent gain in the Nifty PSU Bank Index.
The Nifty Private Bank, Nifty Realty, Nifty Auto, Nifty Financial Services and Nifty Bank indexes also rose between 4.2 and 5.7 per cent each
