Sensex hits 40k; dips 1,314 pts from high by close; Nifty holds 11,650

During the day, Sensex and Nifty hit the levels of 40,000 and 12,000, respectively, for the first-ever time

4:01 PM

CAPA on Modi victory

3:45 PM

EXPERT COMMENT | Garima Kapoor, Economist, Elara Capital

Reeling under consumption slowdown amid liquidity crisis in NBFC sector and lower terms of trade in the agriculture sector, optimism around India’s economic growth has come to a grinding halt. With limited fiscal space amid compelling priorities and electoral promises, the Modi government’s second term in office is likely to be more challenging than the first.

 

Unlike the first five years, the solution to the problems is complex and requires a radical shift in the economic policy. If the first five years of the government were dominated by housing, roads and toilets, the next five would have to be dominated by investment, jobs and nursing of the dislocated financial sector. Among immediate priorities we expect the Modi led government to take measures to revive consumption, address financial sector dislocation by recapitalizing PSU banks, boost manufacturing sector to ensure job creation and solve the conundrum of skill shortage in the country to ensure employability.

With the ruling NDA dispensation set for another five year term, the political risk has reduced and the market expectation for policy continuity has been addressed. We believe, the election related exuberance could propel the markets in the near term and pose an upside risk to our CY’19 Nifty target of 12,000. However, the current level of corporate fundamentals, trade wars and the progress of monsoon will weigh on the markets.  

 

3:41 PM

Sectoral trends on NSE at close

3:40 PM

Top gainers and losers on S&P BSE Sensex at close

3:39 PM

Market at close

3:38 PM

Market at close

3:37 PM

Rupee Alert | Re breaches 70/$ mark,

Source: Bloomberg

3:34 PM

Markets will go up if the govt can kick-start the economy: Andrew Holland

A tally above 300 for the National Democratic Alliance (NDA) is good news. This is what the market was hoping for. The budget NDA government put out last time will help consumption, but I think the new government needs to now come back with extra measures, which will help kick-start the economy without going overboard on the fiscal deficit. If the new government can do that, that is kick-start the economy again, then I think the markets will go higher. In doing so, I don’t think the markets will mind if there are minor slippages. READ MORE

3:33 PM

Celebration time | BSE cuts 40kg cake to celebrate mount 40k

3:32 PM

Market at close | Nifty50 sheds 58 points to end at 11,679 mark

3:31 PM

Market at close | BSE Sensex closes 200 points lower at 38,898 levels

3:29 PM

Chinese govt congratulates PM Narendra Modi on Lok Sabha 2019 election results

3:27 PM

NEWS ALERT | Fourth worst fall ever from high to low for markets

3:25 PM

Market direction to depend on steps taken to accelerate growth: Nilesh Shah

Removal of political uncertainty is always a welcome situation from a markets point of view. Current mandate shows the maturity of voters in choosing a stable government. Now, with that uncertainty behind, the market will focus on steps taken by the government to encourage investment and give push to consumption, which is hitting a soft patch. READ MORE

3:22 PM

Sectoral trends on NSE