Indian equity markets opened with a little gap in positive territory on Thursday after Modi-supported BS Yeddyurappa sworn-in as the new Chief Minister of Karnataka after the Cliffhanger outcome of Karnataka Elections 2018. The Supreme Court in the early morning decision on Thursday allowed BJP (Bharatiya Janata Party) after Karnataka’s Governor Vajubhai Vala invited the party to form the government in the state. The S&P BSE Sensex surged 122.13 points to a day’s top of 35,510.01 while NSE Nifty advanced 36.15 points to a day’s high of 10,777.25 on Thursday.
Shares of Coal India, Power Grid, SBI, Wipro, TCS, ITC were the top gainers while shares of Tata Steel, Adani Ports and Bharti Airtel emerged as the top laggards among the BSE Sensex components. Shares of Granules, Praj Industries, Crompton, Future Consumer gained 4 to 6% and shares of Muthoot Fin, GSFC, Century Ply lost 2 to 4%.
Most of the sectoral indices of NSE were trading in green barring Nifty Metal and Nifty Pharma. Volatility seemed to have declined a little as India Vix, the volatility indicator on NSE, shed 3.55% to 12.9575 on Thursday. The stock of ADAG’s telecom company RCom jumped 10% to Rs 11.55 on Thursday.
Shares of Tata Steel, Axis Bank, Hindalco, JSW Steel, TVS Motor, TCS, BEML, Graphite, Sun TV topped the turnover on National Stock Exchange while scrips of RCom, JP Associate, PNB, FEL, Tata Steel, Hindalco were the six-highest traded stocks on the index.
Retail and technology stocks led Wall Street higher on Wednesday and the small-cap Russell 2000 hit a record peak, even as a rise in US bond yields to an almost seven-year high suggested more competition for equities and investors fretted over geopolitics, Reuters said in a report. The Dow Jones Industrial Average rose 62.52 points or 0.25% to 24,768.93, the S&P 500 gained 11.01 points or 0.41% to 2,722.46, and the Nasdaq Composite added 46.67 points or 0.63% to 7,398.30.