India's stock market opened higher on Wednesday with Sensex and Nifty hitting lifetime highs as investors continue to stay bullish over Narendra Modi's BJP victory in Gujarat and Himachal Pradesh. Shares of India's largest carmaker Maruti Suzuki (India) marked a five-digit figure for the 1st time ever today.
India’s stock market opened higher on Wednesday with Sensex and Nifty hitting lifetime highs as investors continue to stay bullish over Narendra Modi’s BJP victory in Gujarat and Himachal Pradesh. At 9.38 am, Sensex was trading at 33,855 up by 0.05% and Nifty was trading at 10,469.75 up by 0.06%. BSE Sensex gained 91.85 points or 0.27% to begin at 33,928.59 whereas NSE Nifty ticked up 31.2 points or 0.3% to start at 10,494.4 on Wednesday. Shares of India’s largest carmaker Maruti Suzuki (India) marked a five-digit figure of Rs 10,000 for the first time ever, rising by 1.99% on BSE today. Other major gainers were ONGC, GAIL, Coal India and M&M. Within minutes of staring up, the key equity indices Sensex and Nifty retreated the morning gains and fell in red. Benchmark Sensex hit a day’s low of 33,807.8 and an all-time high of 33,956.31 while broader Nifty marked a lifetime high of 10,494.45.
Shares of ONGC (up 0.94%), Maruti Suzuki (up 1.38%), Coal India (up 1.35%), Hero MotoCorp (up 1.38%), Tata Motors (up 0.57%), Wipro (up 0.98%), HDFC Bank (up 0.8%) traded higher in the morning session while Kotak Mahindra Bank, Dr Reddy’s, Tata Steel, State Bank of India and ITC lost up to 0.8%. The heavyweight shares of companies such as HDFC Bank, Maruti Suzuki, HDFC, and ONGC contributed the most to the Sensex gains. Collectively these four stocks added about 44 points out of 29-point gain, while, on the other hand, SBI, Kotak Mahindra Bank, ICICI Bank, ITC, TCS brought down the index by 46 points. The sectoral indices of NSE were trading mixed with Nifty Auto and Nifty Realty leading and Nifty PSU Bank declining.
Earlier yesterday, Indian stock markets extended gains with Sensex and Nifty ending at their closing record highs after Narendra Modi led BJP sweeps in Gujarat and Himachal Pradesh in assembly elections. S&P BSE Sensex jumped 235.06 points or 0.7% to conclude at 33,836.74 whereas NSE Nifty settled 74.45 points or 0.72% higher at 10,463.2 with shares of India’s biggest carmaker Maruti Suzuki hitting a lifetime high on Tuesday. In the intraday trade, Sensex rose as much as 260.39 points to hit the day’s high of 33,862.07, just shying off by 3 points from its all-time high of 33,865.95 and Nifty added 67.7 points to mark the day’s high of 10,456.45, just 34 points away from its lifetime high of 10,490.45.
In a major development on Monday, Narendra Modi led Bharatiya Janata Party won the assembly election in the states of Gujarat and Himachal Pradesh. The Congress was not able to defeat the incumbent BJP in Gujarat but it has certainly managed to bring down the ruling party seats to double digits in Prime Minister Narendra Modi’s home state. The Bharatiya Janata Party continued its winning streak to book a sixth term but this time the saffron bearer has lost a phenomenal seat share. In the 2012 assembly election of Gujarat, Bharatiya Janata Party captured 127 seats out of 182, implying a seat share of 69.78%. But this time BJP has only managed to gather about 99 seats out of 182, implying a seat share of 54.39%.
US stocks fell on Tuesday as excitement over the likelihood of a tax code revamp was offset by concern over its effect on years of monetary policy stimulus and the future of interest rates, Reuters said in a report. The Dow Jones Industrial Average fell 37.45 points, or 0.15 percent, to 24,754.75, the S&P 500 lost 8.69 points, or 0.32 percent, to 2,681.47 and the Nasdaq Composite dropped 30.91 points, or 0.44 percent, to 6,963.85.