Share Markets Update: Modi 2.0 Rally Short-Lived; Sensex Ends Lower After Hitting 40,000
Bombay Stock Exchange (BSE) signage is seen through foliage in Mumbai.(Photographer: Vivek Prakash/Bloomberg)

Share Markets Update: Modi 2.0 Rally Short-Lived; Sensex Ends Lower After Hitting 40,000

Latest First
  • Oldest First

BQ Live

Sensex Ends Lower After Hitting 40,000, Nifty Closes Near 11,650

Indian equity benchmarks wiped out morning’s rally to cross milestone during the last hour trade.

The fall in benchmark indices comes amid Lok Sabha election counting suggested second-term for Narendra Modi as India’s prime minister.

The incumbent NDA alliance is ahead in 342 seats while UPA is leading in 94 seats as of 3:40 p.m. The BJP by itself, has leads in 300 seats while Congress is leading in 55 seats. (Catch the live election updates here)

The S&P BSE Sensex ended over 1,300 points lower from day’s high to close at 38,811.39 and the NSE Nifty 50 ended at 11,657.05, down 0.69 percent. The broader market index represented by the NSE Nifty 500 Index closed 0.47 percent lower.

The 31-share gauge and the 50-share index had crossed milestones of 40,000 and 12,000 respectively.

We expect a correction in the markets after the rally during the last few days, according to IIFL Group's Chairman Nirmal Jain.

"The markets are usually volatile on election results day. The money for long-term investment takes time to come and one should not worry about today's intraday fall in the market," Jain told BloombergQuint in an interaction.

“We expect a sustainable flow of capital to be deployed into the markets in the long-term unless there are any unforeseen events,” Jain added.

The market breadth was tilted in favour of sellers. About 920 stocks declined and 810 shares advanced on the National Stock Exchange.

Nine out of 11 sectoral gauges compiled by NSE ended lower, led by the NSE Nifty FMCG Index’s 1.73 percent fall. On the flipside, the NSE Nifty Media Index was the top sectoral gainer, up 1.3 percent.

Moody's Expects Next Government To Maintain Broad Push Towards Fiscal Consolidation

Any credit implications of the outcome of India’s general election will be determined by the policies adopted by the government in the next few years. These policies have yet to be formulated. At this stage, we expect the broad push towards fiscal consolidation to remain, although with greater policy emphasis on supporting low incomes.
William Foster, Vice President, Sovereign Risk Group At Moody’s Investors Service

Rakesh Jhunjhunwala Says Groundwork For Next Bull Market Will Be Laid Over Two-Three Months

Billionaire investor Rakesh Jhunjhunwala doesn’t expect the Indian stock market to rally over the next two-three months, but it may spend this time laying a strong foundation for the next bull run.

Watch the full conversation here:

Stocks Moving On Heavy Volumes

Dalmia Bharat

  • Stock rose as much as 3.6 percent to Rs 1,125.
  • Trading volume was almost 14 times its 20-day average.

Ashoka Buildcon

  • Stock rose as much as 6 percent to Rs 126.90.
  • Trading volume was more than 13 times its 20-day average.

Adani Transmission

  • Stock rose as much as 7.1 percent to Rs 244.95.
  • Trading volume was almost 10 times its 20-day average.

KEI Industries

  • Stock rose as much as 7.3 percent to Rs 478.30.
  • Trading volume was more than nine times its 20-day average.

Europe Market Check: Equities Decline

European stocks followed Asia lower amid waning optimism amid global trade tensions.

Share Markets Update: Modi 2.0 Rally Short-Lived; Sensex Ends Lower After Hitting 40,000

10 Nifty Stocks Trade At 52-Week High

Ten out of 50 stocks in the NSE Nifty 50 traded at 52-week high.

BQ Install

Bloomberg Quint

Add BloombergQuint App to Home screen.