A man stands in front of an electronic ticker board showing stock information figures outside the Bombay Stock Exchange (BSE) in Mumbai, India. (Photographer: Dhiraj Singh/Bloomberg)

Sensex Gains 600 Points Day After Modi’s Historic Win

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Closing Bell: Sensex, Nifty End At Record Highs

Indian equity indices closed at record highs as investors were buoyed with optimism after the Narendra Modi-led government was reelected for a second term.

The S&P BSE Sensex ended 1.6 percent higher at 39,434.70 and the NSE Nifty 50 ended at 11,844.10, up 1.61 percent. The broader market index represented by the NSE Nifty 500 Index ended 1.77 percent higher.

The market breadth was tilted in favour of buyers. About 1,405 stocks advanced and 342 shares declined on National Stock Exchange.

All sectoral gauges compiled by NSE ended higher, led by the NSE Nifty PSU Index’s 5.59 percent gain.

JSW Steel Gains After Q4 Results

Shares of JSW Steel rose as much as 5.6 percent to Rs 291.50 apiece after the its fourth quarter earnings were announced.

Net profit of the company declined nearly 50 percent to Rs 1,523 crore, according to the Mumbai-based company's exchnage filing.

Other Highlights:

  • Revenue up 4.8 percent to Rs 22,368 crore.
  • Ebitda fell 16 percent to Rs 4,440 crore.
  • Margin at 19.85 percent versus 24.80 percent.
  • Total expenses up 12.7 percent to Rs 20,058 crore.

Theresa May To Step Down As U.K.'s Prime Minister On June 7

Theresa May said she will resign as the prime minister Of United Kingdom on June 7. May said her successor will have to find a parliament consensus on Brexit issue.

PSU Bank Index Jumps 4.7%; Top Sectoral Gainer

Nifty PSU Bank index emerged as the top sector gainer among the gauges compiled by National Stock Exchange. Bank of India and Union Bank were among the top gainers.

Sensex Gains 600 Points Day After Modi’s Historic Win

Injecting Liquidity Into Economy Is Need Of The Hour, Says Enam's Vallabh Bhansali

Vallabh Bhansali, chairman of Enam Group speaks to BloombergQuint in an interaction.

Here are the key highlights from the conversation:

  • It's a never before opportunity presented to PM Modi to tap India’s growth potential and present it the way it should be.
  • Three areas to be focused on is water management, energy sector and health sector.
  • Massive opportunity to relocate industries to the country from China amid ongoing trade war.
  • We have to involve start-ups to get "out of the box" solutions to problems faced in the rural India.
  • Economy has been starved of liquidity on pretext and fears of transmissions not happening.
  • Injecting liquidity into the economy is a top priority and requirement.
  • The murmur and the complaints against Goods and Services Tax has almost died down.