 "Markets hit fresh highs; Nifty tops 7,000, Sensex zooms 500 pts")
The market frenzy seems to be unabating as both the benchmark indices continue to hit record highs with the Nifty breaching 7,000 levels on anticipation that the exit polls to be be released later in the evening would show opposition Bharatiya Janata Party winning majority in the general elections.
At 2:30PM the 30-share Sensex was up 501 points at 23,495 and the 50-share Nifty was up 140 points at 6,998 after touching an intra-day high of 7,011.70.
Eleven of the 30 Sensex stocks hit 52-week high while 12 of Nifty stocks hit 52-week highs in today's trade.
The Indian rupee continued to strengthen against the US dollar and hit a 10-month high on hopes that the exit polls would show that the opposition Bharatiya Janata Party winning majority in the general elections. Strong gains in equities also helped improve sentiment. The rupee was up at Rs 59.73 compared to its previous close of Rs 60.02.
Asian markets were trading with caution ahead of the emerging tensions in Ukraine while hopes of capital market reform boosted sentiment for Chinese shares. The Nikkei ended down 0.4% while Straits Times was down 0.9%. Shanghai Composite and Hang Seng were up 1.8-2.1% each.
European markets were trading mixed shrugging off tension in Ukraine with CAC marginally down while DAX and FTSE were up 0.3% each.
The BSE Oil and Gas, Bankex, Capital Goods, Realty, Power, Metal, Auto, FMCG, IT were up 1-3% each.
Gains were led by financials and index heavyweights Reliance Industries, ITC and Infosys.
Shares of oil and gas companies have firmed up for the second day in a row on optimism that the BJP-led National Democratic Alliance (NDA) would form the government at the Centre and would push for the much needed reforms in this sector. Among the few key reforms that the market participants expect the new government to undertake include revision in gas prices and clarity on subsidy sharing mechanism. Reliance Ind was up 3% and ONGC gained 2.9%.
Banks which are proxy to the economy witnessed aggressive buying on hopes that the new government would unveil reforms to kick start growth.
Private sector banks lifted the National Stock Exchange (NSE) banking share index Bank Nifty to record highs. Of the 12 Bank Nifty stocks 6 touched 52-week highs today. HDFC Bank, HDFC, SBI, ICICI Bank and Axis Bank were among the top gainers up 2-45 each.
In the broader market, the BSE Mid-cap index was up 0.9% and Small-cap index was up 0.5%.
Market breadth was weak with 1,411 gainers and 1,330 losers on the BSE.
At 2:30PM the 30-share Sensex was up 501 points at 23,495 and the 50-share Nifty was up 140 points at 6,998 after touching an intra-day high of 7,011.70.
Eleven of the 30 Sensex stocks hit 52-week high while 12 of Nifty stocks hit 52-week highs in today's trade.
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The final phase of the polls for 41 constituencies comes to an end today and exit polls will start trickling in at 6:30PM.
The Indian rupee continued to strengthen against the US dollar and hit a 10-month high on hopes that the exit polls would show that the opposition Bharatiya Janata Party winning majority in the general elections. Strong gains in equities also helped improve sentiment. The rupee was up at Rs 59.73 compared to its previous close of Rs 60.02.
Asian markets were trading with caution ahead of the emerging tensions in Ukraine while hopes of capital market reform boosted sentiment for Chinese shares. The Nikkei ended down 0.4% while Straits Times was down 0.9%. Shanghai Composite and Hang Seng were up 1.8-2.1% each.
European markets were trading mixed shrugging off tension in Ukraine with CAC marginally down while DAX and FTSE were up 0.3% each.
The BSE Oil and Gas, Bankex, Capital Goods, Realty, Power, Metal, Auto, FMCG, IT were up 1-3% each.
Gains were led by financials and index heavyweights Reliance Industries, ITC and Infosys.
Shares of oil and gas companies have firmed up for the second day in a row on optimism that the BJP-led National Democratic Alliance (NDA) would form the government at the Centre and would push for the much needed reforms in this sector. Among the few key reforms that the market participants expect the new government to undertake include revision in gas prices and clarity on subsidy sharing mechanism. Reliance Ind was up 3% and ONGC gained 2.9%.
Banks which are proxy to the economy witnessed aggressive buying on hopes that the new government would unveil reforms to kick start growth.
Private sector banks lifted the National Stock Exchange (NSE) banking share index Bank Nifty to record highs. Of the 12 Bank Nifty stocks 6 touched 52-week highs today. HDFC Bank, HDFC, SBI, ICICI Bank and Axis Bank were among the top gainers up 2-45 each.
In the broader market, the BSE Mid-cap index was up 0.9% and Small-cap index was up 0.5%.
Market breadth was weak with 1,411 gainers and 1,330 losers on the BSE.