Sensex vaults 1,422 pts, most in 10 years, after exit polls predict NDA win

All that happened in the markets today

11:06 AM

Tech Mahindra is trading over 2% lower

11:01 AM

Adani Group shares rally up to 17% as exit polls predict NDA's return

Shares of Adani Group companies surged up to 17 per cent intra-day on the BSE on Monday supported by heavy buy volumes after exit polls predicted the Bharatiya Janta Party (BJP)-led National Democratic Alliance (NDA) to form government on May 23.

 

Opinion polls on Sunday gave clear victory to the incumbent government with Prime Minister Narendra Modi set for another term. READ MORE

10:55 AM

Lok Sabha polls 2019: Why do elections tend to influence the stock markets?

Prior to any major election there is a lot of noise regarding the impact of the election outcome on stock markets. While it is generally perceived that elections do not matter in the long run, the truth is a bit more complicated than that. Interestingly, as the graphic below illustrates, the general elections on the last three occasions have been extremely positive for the markets. READ MORE

10:41 AM

Buzzing | Adani Enterprises gains nearly 14%

10:39 AM

Market comment: Rusmik Oza, Head of Fundamental Research, Kotak Securities

Post the Exit Polls we can expect Nifty to again test its recent high before 23rd May.  Fresh breakout into the 12,000 to 12,500 zone would depend on whether BJP gets majority on its own.l on 23rd May. Lot of local money has remained on the sidelines, which can come into the markets post today's Exit Poll. We see more value in Mid and Small caps rather than Nifty 50. If Exit Polls come true on 23rd then we can expect a structural upmove in the mid & small cap space

10:36 AM

Broader indices outperforming benchmark Nifty50

- Nifty Mid-cap up over 4%, while Small-cap up 3.7%

10:34 AM

Buzzing | Dredging Corp up over 13%

10:32 AM

Indian Bank is trading over 7% higher

10:26 AM

Nifty PSU Bnk index is trading over 6% higher

10:21 AM

Jefferies on Sun Pharma

Recommendation: BUY
 

Price target; Rs 540
 

Last close: Price Rs 420.15

As we expect a recovery in business, better specialty traction and supportive valuations. The survey provides us confidence in our Ilumya revenue estimates. SUNP has been under pressure on corporate governance concerns. While mgmt. has taken steps to address investor concerns, the overhang could continue in near term. With the stock trading at 16x adj FY21 PE, a 15%+ discount to peers, risk/reward looks favorable. It remains our preferred large cap pick; revise PT to Rs540 (from Rs535).

10:17 AM

Welspun Corp up nearly 4%

The company has received provisional completion certificate for commencing commercial operation of the Dewas Industrial Water Supply Project.

10:13 AM

NEWS ALERT | Sensex zooms past 900 points

10:12 AM

HDFC Securities on Neuland Labs

Last close: Rs 669

Target price: Rs 920

Recommendation: Buy

We maintain BUY on NLL following a beat on our estimates. Our TP is revised to Rs 920/sh (14x FY21E EPS). Hopes are hinged on ramp up in critical products like Austedo and Salmeterol.

10:05 AM

HDFC Securities on Bajaj Auto

Last close: Rs 3,040

Target price: Rs 3,330

Recommendation: Buy 

Bajaj’s adj. 4QFY19 PAT at Rs 10.7bn (-1% YoY) was inline with our estimates. We expect Bajaj to grow ahead of the market in FY20 as well driven by new launches across its product range. Our revised TP is Rs 3,330 (based on its long term ten year average PE multiple of 17.5x on FY21E earnings). While the two wheeler industry growth has been benign, Bajaj has expanded market share by recalibrating its strategy. Further, the company has a diversified product portfolio with three wheelers and exports accounting for ~50% of volumes. Re-iterate BUY.

10:04 AM

State Bank of India climbs over 6%, leads the list of gainers on BSE