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

All that happened in the markets today

8:53 AM

Intra-day stock picks by Reliance Securities

8:50 AM

EXPERT VIEW | Motilal Oswal on Exit polls

"The exit results are better than the expectations. Markets will move up by 2-3 % in next few days. I am quite optimistic at these levels. Investors should increase equity allocations."

8:44 AM

Most PSU stocks lost ground under the UPA II and NDA governments

Public sector enterprises are back on the government’s radar after it was learnt that the Ministry of Finance’s Department of Investment and Public Asset Management (DIPAM) has been examining plans to launch three equity exchange-traded funds (ETFs) in the current fiscal year after the formation of the new government.

 

The DIPAM expects that the three ETFs will be attractive to investors who want to put in money in specific sectors, and will help the Centre meet an ambitious Rs 90,000-crore disinvestment target for FY20. READ MORE

8:44 AM

Top five economic challenges the next government must tackle after May 23

A set of deep-rooted economic challenges awaits India's new government after election results are announced May 23.

 

Arresting an economic slowdown and nursing the nation’s financial sector back to health will be the immediate priorities for the next administration if Prime Minister Narendra Modi’s coalition wins a second term -- as exit polls suggest -- or his political opponents wrest power from him. READ MORE

8:40 AM

Essar Steel's Ebitda during insolvency process at Rs 4,000 crore

The earnings before interest, taxes, depreciation and amortisation (Ebitda) for Essar Steel India during its corporate insolvency resolution process that started from August 2017 is Rs 4,000 crore, the resolution professional of the company informed the National Company Law Appellate Tribunal (NCLAT). READ MORE

8:37 AM

NEWS ALERT | Any agreement with China cannot be a “50-50” deal: Trump

8:36 AM

Political stability is a key factor for FII inflows: Nischal Maheshwari

Investors are keenly watching political developments with the general election reaching the halfway mark. Nischal Maheshwari, chief executive officer for institutional equities & advisory at Centrum Broking, tells Puneet Wadhwa that the larger issue at hand is earnings growth and not the election outcome. READ MORE 

8:35 AM

Ircon to raise funds by issuing fresh equity, diluting govt's stake to 75%

Railway CPSE Ircon International plans to raise funds by issuing fresh equity shares, piggybacking on the government's proposal to dilute its stake to 75 per cent through follow-on public offer route, an official said.

 

The government, which holds 89.18 per cent stake in Ircon International, is required to bring it down to 75 per cent under the Sebi's minimum public shareholding norms. READ MORE

8:34 AM

Will a high voter turnout benefit BJP?

Both theoretical and empirical studies, according to Nomura, have struggled to find causality between voter turnout and election outcomes. In past Lok Sabha elections, there have been anti-incumbency outcomes during both high and low turnout elections.

 

“On the one hand, increased voter turnout may indicate a strong sense of dissatisfaction that has led to voters coalescing to boot out the incumbent, although studies have disputed this causality in previous elections,” wrote Sonal Varma, managing director and chief India economist at Nomura in a recent co-authored report with Aurodeep Nandi. READ MORE

8:34 AM

What the next government must do

By the end of this month a new government will have been formed. Regardless of which political combination forms it, it will have to deal with three very basic questions because by the time its term ends, a quarter of the 21st century will already have gone by. READ MORE

8:32 AM

NEWS ALERT | Japan’s GDP grows at 2.1% in C1FY19: Reuters

Japan’s economic growth unexpectedly accelerated in January- March, driven by net contributions from exports and defying forecasts for a contraction in the world’s third-largest economy. 

8:30 AM

Nifty can slip up to 15% if Narendra Modi-led NDA fails to form govt: UBS

As the 2019 Lok Sabha elections enter their final lap, with polling for only one of the seven seven phases left, all eyes are now on the outcome, which will be known on May 23. This uncertainty, coupled with other global developments, has kept the markets volatile in the past few sessions.

 

A recent report co-authored by Gautam Chhaochharia, the UBS head of India research, along with Dipojjal Saha and Rohit Arora, expects the Nifty to slip 10-15 per cent if the Narendra Modi-led National Democratic Alliance (NDA) fails to form the government at the Centre. The projection is based on sharp reactions witnessed in 2004 and 2009 after general election outcomes. READ MORE

8:30 AM

HDFC Securities on Exit Polls

Most exit polls have predicted NDA to win the Loksabha elections with a good margin. This was partly discounted in the markets over the last few days. The street would like it even more if the BJP on its own gets a majority in the Loksabha. However going by the way the exit polls in the last two elections were off the mark from the actual numbers, the markets would get excited but not super excited. The Nifty could open on Monday with an upgap of 90-150 points and later consolidate. Over the next three days it could then look up to corporate results and / or global developments. The fact that NDA may be able to attain majority in Rajya sabha only in 2020 or 2021 is a minor dampener as major reforms would need passage in both houses.

8:29 AM

Election outcome uncertainty, earnings: Should you sell in May and go away?

The month of May is traditionally considered bad for equity markets in Europe and the US, as fund managers typically go on a long summer vacation. Back home, the outcome of the ongoing general elections, corporate results, oil prices and rupee level are some of the key factors investors will monitor closely at a time when the indices are trading close to all-time highs. READ MORE

8:28 AM

India's consumption story is not nearing an end, says Vikas Khemani

US-China trade war fears and election-related uncertainty have made the markets nervous over the past few sessions. VIKAS KHEMANI, founder, Carnelian Capital Advisors, tells Puneet Wadhwa that when these issues start to settle, the markets, which are currently in a risk-averse phase, too, will stabilise. READ MORE