Domestic stocks logged strong gains on first trading day of the week led by index heavyweights HDFC, Reliance Industries and HDFC Bank. The Sensex and the Nifty, both, settled at record high. Sentiment was boosted after most exit polls forecast a majority for the ruling BJP-led NDA in Lok Sabha polls.
After seeing a strong gap-up opening, stocks extended gains as the day's trading session progressed. The Sensex moved above the psychological 39,000 level after regaining the psychological 38,000 mark in opening trade.
The barometer index, the S&P BSE Sensex, surged 1,421.90 points or 3.75% at 39,352.67, a record closing high. The index hit high of 39,412.56 and low of 38,570.04 in intraday trade.
The Nifty 50 index surged 421.10 points or 3.69% at 11,828.25, a record closing high. The index hit high of 11,845.20 and low of 11,591.70 in intraday trade.
The S&P BSE Mid-Cap index rose 3.57%. The S&P BSE Small-Cap index rose 3.55%.
The market breadth, indicating the overall health of the market, was strong. On the BSE, 2019 shares rose and 609 shares fell. A total of 185 shares were unchanged.
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Among the sectoral indices on BSE, the S&P BSE Capital Goods index (up 5.62%), the S&P BSE Industrials index (up 5.57%), the S&P BSE Realty index (up 5.47%) outperformed the Sensex. The S&P BSE IT index (up 0.69%), the S&P BSE Teck index (up 0.91%), the S&P BSE Healthcare index (up 1.06%) underperformed the Sensex.
IndusInd Bank (up 8.64%), State Bank of India (up 8.04%), Yes Bank (up 6.73%), L&T (up 6.55%) and Maruti Suzuki India (up 5.68%) edged higher from the Sensex pack.
Bajaj Auto (down 1.18%) and Infosys (down 0.19%) edged lower from the Sensex pack.
Index heavyweight Reliance Industries surged 4.72% to Rs 1,325.50.
Index heavyweight and housing finance major HDFC surged 6.2% to Rs 2,117.35.
Index heavyweight and banking major HDFC gained 3.02% to Rs 2,432.95.
Bharat Petroleum Corporation gained 4.44% ahead of its January-March 2019 quarterly earnings today, 20 May 2019.
Hindustan Petroleum Corporation gained 6.78% ahead of its January-March 2019 quarterly earnings today, 20 May 2019.
Bharti Airtel rose 3.76%. Bharti Airtel said that the company's rights issue closed for subscription on 17 May 2019. Based on preliminary information received, the rights issue has been over-subscribed, the company said. The applications received in the rights issue are subject to verification and clearing of payments, as applicable, and finalization of the basis of allotment, it added. The announcement was made after market hours on Friday, 17 May 2019.
Cipla rose 3.98%. Cipla informed that the United States Food and Drug Administration (USFDA) conducted a post-approval inspection at our Indore facility from 13 May to 17 May 2019. The inspection ended with zero observations. The announcement was made after market hours on Friday, 17 May 2019.
Shree Cement rose 5.02%. Shree Cement's net profit fell 19.61% to Rs 320.95 crore on 14.2% rise in total income to Rs 3329.96 crore in Q4 March 2019 over Q4 March 2018. The result was announced on Saturday, 18 May 2019.
Engineers India gained 6.65%. Engineers India's net profit rose 37.7% to Rs 94.90 crore on 20.55% rise in total income to Rs 672.21 crore in Q4 March 2019 over Q4 March 2018. The result was announced after market hours on Friday, 17 May 2019.
Most exit polls forecast a majority for the ruling BJP-led NDA in Lok Sabha polls with varying numbers. The poll of polls puts NDA safely above the majority mark at 312, while UPA is likely to score 110 seats and others will have to do with 98. The poll of polls is an average of various exit polls. An election exit poll is a poll among voters conducted immediately after they leave their polling stations. It is conducted by a number of organisations and is considered an indicator to which party might form the next government.
The 2019 polls, held from April 11 to May 19, will decide which party presides over the 17th Lok Sabha. Elections were held for 542 seats. A party or coalition needs 272 seats in parliament to form a government. The counting of votes is slated for May 23.
Overseas, European stocks were trading lower in the face of a U.S. crackdown on China's Huawei Technologies on Monday after a report that German-based chipmaker Infineon had halted shipments to Huawei.
Asian stocks were mixed on Monday as investors awaited the next chapter in the Sino-American trade dispute. Japan's economy grew at an annualized 2.1% in the first quarter, gross domestic product (GDP) data showed on Monday.
U.S. stocks bounced back from deep losses Friday but still closed lower as trade-related jitters overshadowed strong economic data. Meanwhile, the U.S. and Canada on Friday said they reached a deal to end tariffs imposed by Washington on aluminum and steel products from Canada, while Canada will remove all retaliatory tariffs.
In US economic data, consumer sentiment rose to a 15-year high of 102.4 in May, above April's reading of 97.2, according to the University of Michigan's consumer sentiment index. The Conference Board's estimate of leading economic indicators rose for the third straight month in April to 112.1, up 0.2% from March, the group said Friday. The survey of economic conditions is a collection of forward-looking data that attempts to predict future economic growth.
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