Key indices trimmed gains soon after scaling fresh record high in mid-morning trade amid volatility. At 11:24 IST, the barometer index, the S&P BSE Sensex, was up 439.95 points or 1.12% at 39,550.16. The Nifty 50 index was up 116.85 points or 1% at 11,854.75. The Sensex scaled fresh record high above the psychological 40,000 mark. The Nifty also scaled fresh record high above the psychological 12,000 mark. Capital goods stocks edged higher.
Trading for the day began on a strong note as election results showed the Narendra Modi-led NDA leading in early trends. Stocks extended gains in morning trade after election trends showed that Narendra Modi-led NDA is leading in over 300 seats.
Investors are closely watching results of Lok Sabha 2019 polls. Counting is votes is underway today, 23 May 2019. Latest trends showed that NDA is leading in 345 seats, while UPA is leading in 92 and others leading in 105 seats.
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 2014 elections brought Narendra Modi to power with a thunderous majority of 336 seats to the BJP-led National Democratic Alliance (NDA). The Congress-led United Progressive Alliance (UPA) won 60 seats. The remaining 147 seats were claimed by others.
The S&P BSE Mid-Cap index was up 0.81%. The S&P BSE Small-Cap index was up 0.61%. Both these indices underperformed the Sensex.
The market breadth, indicating the overall health of the market, was strong. On the BSE, 1309 shares rose and 855 shares fell. A total of 133 shares were unchanged.
Capital goods stocks edged higher. ABB India (up 0.66%), Bharat Heavy Electricals (Bhel) (up 3.34%), BEML (up 3.34%), Bharat Electronics (up 2.87%), L&T (up 4.07%), Siemens (up 2.97%) and Thermax (up 2.45%) rose.
Bank of Baroda jumped 7.13% after the bank's net loss narrowed in Q4 March 2019. Bank of Baroda reported net loss of Rs 991.37 crore in Q4 March 2019 compared with net loss of Rs 3102.34 crore in Q4 March 2018. Total income rose 20.02% to Rs 15284.59 crore in Q4 March 2019 over in Q4 March 2018. The result was announced after market hours yesterday, 22 May 2019.
The bank's gross non-performing assets (NPAs) stood at Rs 48232.77 crore as on 31 March 2019 as against Rs 53184.28 crore as on 31 December 2018 and Rs 56480.39 crore as on 31 March 2018. The ratio of gross NPAs to gross advances stood at 9.61% as on 31 March 2019 as against 11.01% as on 31 December 2018 and 12.26% as on 31 March 2018.
Overseas, Asian stocks fell on Thursday with the unfolding deterioration in Sino-US relations again giving investors little reason for cheer.
US stocks fell on Wednesday with the release of the minutes from the Federal Reserve's most recent policy meeting doing little to perk up equities.
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