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Markets are likely to extend gains and scale new highs as the exit polls showed that the BJP-led NDA would be forming the government at the centre.
At 8:30AM the SGX Nifty was up 97 points at 7,139.
Asian markets were trading higher tracking overnight gains in the US which saw both the Dow Jones and S&P 500 ending at record highs. The Nikkei was up 1.6%, Shanghai Composite was up 0.2%, Hang Seng was up 0.3%. However, Straits Times was down 0.9%.
US stocks surged on Monday with the Dow Jones and S&P 500 ending at record highs. The Dow Jones ended up 112 points at a record high of 16,695.47, after touching an intra-day high of 16,704.84. The broader S&P 500 ended at a record high of 1,896.65 up 18.17 points. Gains on the tech-laden Nasdaq were driven by biotech and internet shares. The Nasdaq ended up 72 points at 4,143.86.
Stocks to watch
Bharti Airtel, India's biggest mobile services provider, is raising up to $1.5 billion this week in euro and dollar bonds to refinance old loans. Bankers said the bonds to be issued by Bharti Airtel International (Netherlands), a subsidiary of Bharti Airtel, had received bids almost double the proposed issue size.
Oil marketing companies such as IOC, HPCL, BPCL may gain after hike in retail diesel prices by Rs 1.09 per litre.
Tata Motors may gain after JLR April global retail sales were up 30%
Amtek Auto may see some action after the board said it will meet on May 16 to consider issue of equity or equity linked securities through various means for raising of funds.
Bank of Maharashtra may see some action after the Board of Directors of the Bank in its meeting to be held on May 13, 2014, may also consider the matter of raising equity capital by way of Preferential Issue of equity shares to LIC of India.
Shasun Pharma may gain after Goldman Sachs Singapore acquired 3 lakh shares of the company.
Among the March quarter results to be announced later today include, Dr Reddys Labs, PNB, Bank of Baroda, Nestle and Tata Comm among others.
