Domestic stocks logged strong gains on first trading day of the week led by index heavyweights HDFC, Reliance Industries and HDFC Bank. The barometer index, the S&P BSE Sensex, surged 1,421.90 points or 3.75% at 39,352.67. The Nifty 50 index surged 421.10 points or 3.69% at 11,828.25. Sentiment was boosted after most exit polls forecast a majority for the ruling BJP-led NDA in Lok Sabha polls.
After seeing a strong gap-up opening, stocks extended gains as the day's trading session progressed. The Sensex moved above the psychological 39,000 level after regaining the psychological 38,000 mark in opening trade.
The S&P BSE Mid-Cap index rose 3.59%. The S&P BSE Small-Cap index rose 3.46%.
The market breadth, indicating the overall health of the market, was strong. On the BSE, 2018 shares rose and 611 shares fell. A total of 184 shares were unchanged.
Index heavyweight Reliance Industries surged 4.72% to Rs 1,325.50.
Index heavyweight and housing finance major HDFC surged 6.2% to Rs 2,117.35.
Tata Motors jumped 7.53% ahead of its January-March 2019 quarterly earnings today, 20 May 2019.
Bharat Petroleum Corporation gained 4.44% ahead of its January-March 2019 quarterly earnings today, 20 May 2019.
Hindustan Petroleum Corporation gained 6.78% ahead of its January-March 2019 quarterly earnings today, 20 May 2019.
Bharti Airtel rose 3.76%. Bharti Airtel said that the company's rights issue closed for subscription on 17 May 2019. Based on preliminary information received, the rights issue has been over-subscribed, the company said. The applications received in the rights issue are subject to verification and clearing of payments, as applicable, and .finalization of the basis of allotment, it added. The announcement was made after market hours on Friday, 17 May 2019
Most exit polls forecast a majority for the ruling BJP-led NDA in Lok Sabha polls with varying numbers. The poll of polls puts NDA safely above the majority mark at 312, while UPA is likely to score 110 seats and others will have to do with 98. The poll of polls is an average of various exit polls. An election exit poll is a poll among voters conducted immediately after they leave their polling stations. It is conducted by a number of organisations and is considered an indicator to which party might form the next government.
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 counting of votes is slated for May 23.
Overseas, European stocks were trading lower in the face of a U.S. crackdown on China's Huawei Technologies on Monday after a report that German-based chipmaker Infineon had halted shipments to Huawei.
Asian stocks were mixed on Monday as investors awaited the next chapter in the Sino-American trade dispute. Japan's economy grew at an annualized 2.1% in the first quarter, gross domestic product (GDP) data showed on Monday.
U.S. stocks bounced back from deep losses Friday but still closed lower as trade-related jitters overshadowed strong economic data. Meanwhile, the U.S. and Canada on Friday said they reached a deal to end tariffs imposed by Washington on aluminum and steel products from Canada, while Canada will remove all retaliatory tariffs.
In US economic data, consumer sentiment rose to a 15-year high of 102.4 in May, above April's reading of 97.2, according to the University of Michigan's consumer sentiment index. The Conference Board's estimate of leading economic indicators rose for the third straight month in April to 112.1, up 0.2% from March, the group said Friday. The survey of economic conditions is a collection of forward-looking data that attempts to predict future economic growth.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content
