Share Market Election Result 2019: Sensex ends 300 pts lower, down 1,300 pts from high; Nifty near 11,650

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Updated:May 23, 2019 5:47:37 pm

Election 2019 Result Impact on Share Market Today: After hitting the 40,000-mark for the first time ever on NDA's lead, the Sensex erased all gains on Thursday afternoon. The Sensex ended 298 points down at 38,811.

The number of securities that hit the upper circuit limit was 115, while 119 scrips touched their respective lower circuits, according to BSE. (File photo)The Sensex is up more than 665 points to 39,775, while the Nifty is approaching the 12,000 mark for the first time ever.

Share Market Lok Sabha Election Result 2019: After hitting the 40,000-mark for the first time ever on NDA’s lead, the Sensex erased all gains on Thursday afternoon. The Sensex ended 298 points down at 38,811, while Nifty closed 80 points down at 11,657.05. Interestingly, the Sensex and Nifty have surged to fresh peaks in very quick succession. On Tuesday, the Sensex had hit 39,571.13 buoyed by exit poll results over the weekend. The Nifty had hit a record of 11,883.55. Today, the Sensex touched a new all-time high of 40,124.56, while the Nifty touched a fresh peak of 12,041.15. The surge in the shares comes even as trends indicate that the Narendra Modi-led NDA could get its biggest mandate since 1984.

“Markets were looking for stability, continuity and strong leadership rather than a fractured mandate – this has led to the new high. We believe India allocation from global funds will increase and more ETF flows are likely over the short term that could drive the markets even higher,” B Gopkumar, ED and CEO, Reliance Securities told Financial Express Online. We bring to you LIVE updates.

Live Blog

17:26 (IST)23 May 2019
Sensex, Nifty have run up beyond fundamentals: Expert

"The elections have played out in line with consensus opinion, BJP looks like they will have a majority even outside the alliances that form the NDA. Consistency in leadership is a positive for the economy overall and should shore up sentiment amongst foreign investors. This could lead to Rupee strengthening and benchmark yields coming down over the short term.  Specific to the Indian stock market; we believe they might have run up ahead of fundamentals buoyed by sentiment over the short term. It might be prudent to wait for the inherent fundamentals to catch up before waging big directional bets on the market right now,'" Nilkhil Kamath, Co-Founder & Chief Investment Officer, Zerodha said.

15:58 (IST)23 May 2019
Nifty could hit 12,500 soon: Expert

"In the short term, there may be some good euphoria due to the strong mandate given to PM Modi and we can see 12,500 on the Nifty getting hit soon. We believe this rally should be used to reduce any excess equity exposure that you may have in your portfolio. Hence, don't be very aggressive in buying at present levels. Stick to your existing financial plans and SIPs. You will get an opportunity to buy more aggressively sometime in the near future. Reality regarding poor company earnings, expensive valuations and other macro stresses can ensure a slide down by ~10% to 11,200 levels within the next 12 months. This fall would be an opportunity to again load up on equity before the market begins its next upward journey," Vijay Kuppa, Co-founder, Orowealth said. 

15:39 (IST)23 May 2019
BSE live: Sensex ends 300 pts lower, down 1,300 pts from high; Nifty near 11,650

After hitting the 40,000-mark for the first time ever on NDA's lead, the Sensex erased all gains on Thursday afternoon. The Sensex ended 298 points down at 38,811, while Nifty closed 80 points down at 11,657.05. Interestingly, the Sensex and Nifty have surged to fresh peaks in very quick succession. On Tuesday, the Sensex had hit 39,571.13 buoyed by exit poll results over the weekend. A look at LIVE Sensex heatmap.

15:24 (IST)23 May 2019
What next government could do to generate more jobs

With a new central government taking over, hopes of reforms benefiting the nation is again getting revived. Our country, endowed with demographic dividend, is at the cusp of phenomenal growth. Democratic ideals, coupled with the availability of massive talent pool, is a perfect recipe for sustainable development, provided the government policies act as a facilitator and catalyst. Structural and labor reforms are imperative precursor to job creation. The expectation from the new dispensation is to move quickly on the reform agenda.

Also read: What next government could do to generate more jobs

15:09 (IST)23 May 2019
Sensex slips further into red, down 300 points, Nifty below 11,700

After hitting the 40,000-mark for the first time ever on NDA's lead, the Sensex erased all gains on Thursday afternoon. The Sensex down about 314.45 points to 38,795.76 while the Nifty is trading below the 11,700-mark. A look at LIVE Sensex heatmap. 

14:56 (IST)23 May 2019
BSE live: Sensex down 100 points, Nifty below 11,750; HDFC Bank, TCS slump

After hitting the 40,000-mark for the first time ever on NDA's lead, the Sensex erased all gains on Thursday afternoon. The Sensex down about 68 points to 39,043, while the Nifty is trading near the 11,700-mark. HDFC Bank, TCS are among the biggest losers, shedding up to 3%. A look at LIVE Sensex heatmap.

14:46 (IST)23 May 2019
Naredra Modi says India wins yet again

"सबका साथ + सबका विकास + सबका विश्वास = विजयी भारत Together we grow. Together we prosper. Together we will build a strong and inclusive India. India wins yet again!" Narendra Modi tweeted.

14:42 (IST)23 May 2019
Narendra Modi set to become most powerful leader in the world: Anand Mahindra

"Size of the country (Land mass+population) X Size of the Economy X Size of the election mandate = Leader’s Power Quotient. By the measure of this crude formula, is about to become the most powerful, democratically elected leader in the world today. As I watch the counting,I get the unmistakeable feeling that a turning point in history is unfolding before my eyes. 2 new power blocs are overthrowing the establishment.Not talking about political parties but Women & Young,new voters. Increasingly, they will shape India’s future," Anand Mahindra tweeted. 

14:20 (IST)23 May 2019
BSE live: Sensex back in green, Nifty above 11,750; ITC, VEDL top losers

After hitting the 40,000-mark for the first time ever on NDA's lead, the Sensex erased all gains on Thursday afternoon. The Sensex is back in the green, up nearly 200 points to 39,302, while the Nifty is trading near the 11,800-mark. A look at top 5 Nifty gainers and losers. 

14:10 (IST)23 May 2019
BSE live: Sensex turns choppy, Nifty near 11,750; ITC, VEDL top losers

After hitting the 40,000-mark for the first time ever on NDA's lead, the Sensex erased all gains on Thursday afternoon, to turn negative. The Sensex is down more than 1,000 points from the day's high to 39,059.80, while Nifty is trading at 11,750.26. A look at live Sensex heatmap.

14:00 (IST)23 May 2019
Sensex, Nifty record rally: Investor wealth up Rs 2.87 lakh crore as Modi-led NDA leads early trends

Amid record rally in the stock markets, the investor wealth jumped Rs 2.87 lakh crore in the early trade Thursday, even as the BSE Sensex hit 40,000-mark for the first time ever. The 30-share index climbed more than 900 points to hit a high of 40,012.35. The major benchmark index hit an all time high of  40,124.96, tracking majority for the ruling NDA based on the election trends. The market cap of the companies listed on BSE surged by Rs 2,87,028.8 crore to Rs 1,53,56,153.14 crore in early trade from Rs 1,50,69,124.34 crore on Wednesday.

Also read: Sensex, Nifty record rally: Investor wealth up Rs 2.87 lakh crore as Modi-led NDA leads early trends

13:40 (IST)23 May 2019
E-commerce policy will be key player in boosting FMCG industry; other things that next govt can do

FMCG, the goods that move fast, and move as cheap. Cheap, but about US$ 80 billion in collective market-size, and the fourth largest sector in the Indian economy. To add perspective, about 10-15% of this will be sold online in the next couple of years. Beverages, biscuits, batteries. Soaps, snacks and sugar. It’s a complex sector and can include apparel, but only socks and inner wear. Consumer electronics is a part of it but limited to memory cards and headphones. Ice-creams are definitely a part of it. Cosmetics cannot be excluded, and even the candy that is handed as change sometimes gets included in the category.

Also read: E-commerce policy will be key player in boosting FMCG industry; other things that next govt can do

13:26 (IST)23 May 2019
Market is taking a breather on profit booking; more upside seen, says expert

"Indian equity market as expected touched the historical figure of 12,041 and made a new all-time high. Markets seem to have discounted the magical and mandate that is going with the BJP. At the same time, we see there is some profit booking that is coming in at higher levels. The derivatives data that was pointing the range to be 12100 - 11500 stands firm at this point of time. There is long built up we have seen been added to 12100 - 12200 while writing is seen at 11800 - 11700 levels. This indicates the downside is limited to these numbers while we may continue to see some expansion on the upside," Mustafa Nadeem, CEO, Epic Research said. 

13:04 (IST)23 May 2019
Stock market to put focus back on micro, macro factors after poll euphoria: Expert

"BJP led NDA is more likely to form the government at the centre with a majority. Continuity of government is very good for the economy. Markets had factored in an NDA victory and the rally is likely to continue in the short term. Once the euphoria is over, markets will focus on micro and macro factors. The economy is facing a cyclical slowdown which may cause a pause in the rally, but markets should pick up in a couple of quarters. The pickup should be on account of Capex spending which will lead to a pickup in the economy. Banks, capital goods, autos, real estate and cement should outperform. We also believe that the government will focus on economic reforms which should help improve growth prospects which will have a positive impact on markets," Rajiv Singh, CEO Stock Broking at Karvy  said. 

12:48 (IST)23 May 2019
After Sensex, Nifty's fresh records, Rakesh Jhunjhunwala says mother of all bull runs is ahead of us

"The mother of all bull markets is ahead of us. India is yet to see stellar growth. The will happen in the upcoming decade leading to 2030. I'm very confident that we are going to see the highest growth never seen so far, in the next decade. The Modi government will hit the ground running from just now. I'm told that the government has already made a plan for the first 100 days. They will start implementing that very soon. We will have a cabinet by end of the month. I think the ongoing consumption slowdown is temporary, as you can't have a major slowdown in India for extended periods of time," Rakesh Jhunjhunwala told in an interview to ET Now. 

12:38 (IST)23 May 2019
Anil Ambani's Reliance Capital exits mutual fund business for Rs 6,000 crore

'Reliance Capital Ltd. today announced it has signed binding definitive agreements with Nippon Life Insurance of Japan to exit its stake in Reliance Nippon Life Asset Management Ltd (RNAM). Both partners currently hold 42.88 per cent each in the company, while the rest is with public shareholders. Pursuant to the agreements, Nippon Life will also make an open offer to the public shareholders of RNAM at Rs. 230 per share, as required under SEBI regulations, and reach the maximum permissible promoter shareholding of 75% for listed companies. The transaction price represents a premium of 15.5% to the minimum 60-day price as specified under the SEBI Takeover Regulations,' Reliance Capital said in a statement.

12:31 (IST)23 May 2019
Adani’s coal hopes finds new opposition; now BHP joins naysayers

How’s this for a study in contrasts: One of the world’s biggest coal miners effectively says the industry is dying just days after Australia’s opposition party suffered a shock election loss, partly blamed on its failure to unambiguously back a new coal mine. BHP Group Chief Financial Officer Peter Beavan told a strategy briefing on Wednesday that the world’s biggest mining company has “no appetite” to grow its thermal coal assets and that the polluting fuel will be phased out “potentially sooner than expected”.

Also read: Adani’s coal hopes finds new opposition; now BHP joins naysayers

12:18 (IST)23 May 2019
Rakesh Jhunjhunwala expects a lot of money to come to stock market, says mandate represents death of crony capitalism

After trends indicate that the Narendra Modi-led NDA may come out victorious, ace investor Rakesh Jhunjhunwala said that he expects a lot of money to pour into the Indian stock market. The icon said that the mandate represent a death of crony capitalism, and proves that casteism is ending  while nationalism is coming to the fore. "The government will focus on economic growth, growth is panacea for all economic ills," Jhunjhunwala told CNBC TV18 adding that the Modi government has to improve ease of doing business.  The verdict stands for aspiration rather than casteism and vote bank politics, he added. 

12:06 (IST)23 May 2019
Prabhudas Lilladher expects Nifty to scale 13,000, says focus to hift on slowdown post Modi win euphoria

"Election Results are positive for the market as it gives a stable Govt for the next 5 years. However post initial euphoria, focus would shift to hardcore economic decisions and the manner in which slowdown and economy is handled in Modi 2.0. we are positive on long term for the markets, our NIFTY target in a bullish scenario is 13000, for which growth rates need to catch up," Amnish Aggarwal, Head Research Prabhudas Lilladher said. The Sensex is now trading below the 39,500-mark.

11:54 (IST)23 May 2019
Uday Kotak dreams of India becoming a global superpower, congratulates PM Modi, BJP

Accolades from top businessmen have started pouring in for Pm Narendra Modi, after trends indicate that the NDA may get its biggest mandate since 1984.  "Time for transformation of India. Time for deep reform. I dream of us as a global superpower in my lifetime. Heartiest congratulations to , the BJP, and the NDA," Uday Kotak tweeted.

11:44 (IST)23 May 2019
India needs new Finance Minister, reshuffle of union cabinet; here’s why this analyst says so

Even as early trends suggest BJP-led NDA forming the next government, discussions are on about the composition of the new union cabinet. India needs a new finance minister and reshuffle of the cabinet, said a global political analyst. A change of head in the finance ministry may actually help to boost sentiment of the global investors, Alastair Newton, Co-founder & Director, Alavan Business Advisory told ET Now in an interview.  He also said that Prime Minister Narendra Modi is too dominant in the current BJP setup.

Also read: India needs new Finance Minister, reshuffle of union cabinet; here’s why this analyst says so

11:36 (IST)23 May 2019
Sensex, Nifty may make new highs on global fund and ETF inflows: Reliance Securities

"Markets were looking for stability, continuity and strong leadership rather than a fractured mandate - this has led to the new high. We believe India allocation from global funds will increase and more ETF flows are likely over the short term that could drive the markets even higher," B Gopkumar, ED and CEO, Reliance Securities told Financial Express Online. 

11:27 (IST)23 May 2019
Sensex pares gains further, now down nearly 700 points from day's high; Nifty below 11,900

In a highly volatile session in the stock market, the Sensex has pared most of the gains made earlier. The 30-share index is now down nearly 700 points from the day's high to 39,449.48, while the Nifty has tanked below the 11,900 level. A look at live heatmap. 

11:17 (IST)23 May 2019
BSE live: Sensex down 500 points from the day's high, ITC, VEDL among top losers

After hitting the 40,000-mark for the first time ever on NDA's lead, the Sensex has receded to below 39,700, while Nifty is nearing the 11,900-mark. The Sensex is down about 500 points from the day's high to 39,682.10, while Nifty is trading at 11,909. A look at LIVE Sensex heatmap.

11:05 (IST)23 May 2019
What’s one job for Modi in second term? Creating Jobs

Narendra Modi faces a jobs problem. Early results on Thursday suggest the prime minister’s Bharatiya Janata party has won a second term. Filled with nationalist sentiment following air strikes against Pakistan earlier this year, voters have looked past an employment crisis. The leader of this $3 trillion economy can’t afford to do the same. Getting a grip on the scale of India’s unemployment troubles is difficult. The country often switches survey methods, making data hard to compare.

Also read: What’s one job for Modi in second term? Creating Jobs

10:57 (IST)23 May 2019
Sensex can surge up to 41,500, Nifty seem at 12,300 says expert

"Markets are expected to trade in a wide range of 2-3% before the trends of results, in the afternoon, comes out. Consensus on the big upward rally on the victory of BJP lead NDA can be used for unwinding long positions on market heavyweights like Reliance, HDFC, SBI etc. If early trends suggest BJP winning, then the markets may make new highs and the rally we have seen on Monday will continue. In that case Sensex can attempt to cross 41,500 and Nifty 12,300 and we can see profit booking at that level. Reaction of Midcaps and SmallCaps will be interesting to see as they are trading at better valuations than market heavy weights,"  Romesh Tiwari, Head of Research, CapitalAim said. 

10:45 (IST)23 May 2019
Sensex extends gains beyond 40,000; Nifty firmly above 12,000

The Sensex hit 40,000 for the first time ever, while the Nifty zoomed beyond the 12,000-mark tracking NDA's lead in Lok Sabha polls. The Sensex is up more than 944.57 points to 40,054.78, while the Nifty is trading at 12,008.08, up 271 points. A look at top 5 Nifty gainers and losers.

10:36 (IST)23 May 2019
BSE live: Sensex surges past 40,000; Nifty zooms past 12,000 after NDAs strong lead

The Sensex hit 40,000 for the first time ever, while the Nifty zoomed beyond the 12,000-mark. and Nifty Thursday morning, tracking global cues and NDA's lead in Lok Sabha polls. The Sensex is up more than 700 points to 39,820.33, while the Nifty is approaching the 12,000 mark for the first time ever.

10:26 (IST)23 May 2019
Bluechip heavyweights Reliance Industries, SBI, HDFC to lead current rally: expert take

"If the BJP leads the trends as per exit polls or a better performance, markets will move sharply higher from here. Market heavyweights like Reliance, SBI, HDFC, ICICI will lead the rally and the broader market will follow. In case the trends that come out are mixed or give no clear indication of majority to BJP, then market will tank and slide quite fast as the uncertainty will loom over. For today and next couple of days market will be guided solely on election results and formation of new government but on the longer-term outlook it will not make much difference as the other factors of domestic and global economy will impact the markets more than new government," Abhijeet Bajpai, Co-founder & CEO, Avighna Trades said. 

10:20 (IST)23 May 2019
Global giant Aberdeen Investment Management expects reforms to continue if Modi returns to power

Sharing his economic outlook, Jonathan Garner of Morgan Stanley told ET Now that the Indian economy may go through cyclical trajectory post elections. The global investor also said that the interest rates would remain on a downward trajectory in the coming days. The economic reforms may continue if the Modi-led NDA government returns to power, Adrian Lim of Aberdeen Asset Management said, adding even as the fundamentals of the economy remain strong despite election verdict. The global investor is underweight on China and overweight on India.

10:06 (IST)23 May 2019
Vijay Kedia is betting on these two stocks as Sensex, Nifty hit records

After the Sensex and Nifty climed to new peaks on Thursday on NDA's strong lead, ace investor Vijay Kedia noted that Rahul Gandhi hugging PM Modi earlier in parliment was a major blunder which acted in BJPs favour. According to the expert, while demonetisation was a good step, it lacked proper implementation.  Sharing his market strategy, Vijay Kedia, MD, Kedia Securities, said that the banking sector may continue to lead the markets going ahead. However, the market veteran is not upbeat on smaller banks. DCB Bank, RBL Bank, Federal Bank are good bets, he also told ET Now.

09:56 (IST)23 May 2019
Nifty bank surges to fresh record high of 30,926; SBI, Kotak Mahindra, ICICI Bank hit new peak

The Nifty bank index spurted to fresh record high on Thursday morning, buoyed by early trends indicating a strong lead for Narendra Modi-led NDA. Private sector lenders including Kotak Mahindra Bank, ICICI bank and HDFC Bank surged to a fresh record high in the morning trade. A look at Nifty Bank index.

09:40 (IST)23 May 2019
All major BSE indices including small and midcap trade with heavy gains on NDAs strong lead

While the Sensex and Nifty have scaled a fresh peak , all major indices are trading with heavy gains after Narendra Modi's NDA continues to lead in early trends on election outcome day. A look at heatmap.

09:32 (IST)23 May 2019
Rupee opens 21 paise higher on election day

The Indian rupee opened slightly higher at 69.45 per dollar on Thursday morning against the previous close 69.66 amid easing crude oil prices and likely win of ruling BJP in Lok Sabha elections 2019. Yesterday, the Indian rupee opened marginally higher at 69.67 per dollar against the previous close 69.71. The market experts expect rupee to remain higher for couple of weeks if the BJP wins as that would mean stability in reform policies. Besides elections, easing crude oil prices and the foreign investment flows will also have an impact on the Indian currency.

Also read: Rupee opens positive at 69.45 against the previous close of 69.66

09:27 (IST)23 May 2019
BSE live: Sensex approaches 40,000, Nifty near 12,000 after hitting fresh record

After surging to fresh record high, the Sensex and Nifty extended gains on Thursday morning, tracking global cues and NDA's lead in Lok Sabha polls. The Sensex is up more than 665 points to 39,775, while the Nifty is approaching the 12,000 mark for the first time ever. A look at live Sensex heatmap.

09:19 (IST)23 May 2019
BSE live: Sensex, Nifty open at fresh record high as NDA leads

The Sensex and Nifty opened at fresh records high on Thursday morning, tracking global cues and NDA's lead in Lok Sabha polls. The Sensex zoomed more than 550 points to 39,688.22, while the Nifty opened above the 11,900-mark.  A look at LIVE Sensex heatmap.

09:10 (IST)23 May 2019
Sensex, Nifty surge to record highs in pre-open as NDA leads

The Sensex and Nifty are likely to open at fresh records high on Thursday morning, tracking global cues and NDA's lead in Lok Sabha polls. The Sensex is up 560 points in pre-open trade to 39,670.24, while the Nifty is trading above the 11,750-mark. A look at live Sensex heatmap.

09:01 (IST)23 May 2019
Recap of Sensex, Nifty records on Tuesday earlier this week

The Sensex and Nifty failed to hold on to gains on Tuesday afternoon, after scaling to new records earlier in the day. The Sensex ended the session 382.87 points lower at 38,969.80, while the Nifty closed 119.15 points down at 11,709.10. Earlier, the 30-share index had scaled a new record of 39,571.73, bettering its previous high on April 18. In case of Nifty, the 50-share index hit a new peak at 11,883.55, pipping its previous record of 11,857.

Read full story here: Sensex, Nifty hit new record highs but fail to hold gains; key highlights

08:53 (IST)23 May 2019
Avoid intraday positions on heightened volatility, today's technical outlook by Mustafa Nadeem, CEO, Epic Research

"Nifty forms a Spinning candle on the daily chart after two volatile sessions; which shows outright confusion just ahead of the Judgement day. Stocks like Reliance, Tata Steel, HDFC, Infosys remained muted ahead of elections day. While there was muted movement across the sectors and indices except for the Volatility index. The volatility index saw a huge movement in the last two days. It has risen significantly in the last two days by almost 16%. Technically we are seeing compression in a range which is usual as there is a result coming in and no one would be taking a naked bet at this point of time. June series is pointing to a higher addition on the PE side on lower strikes of 11500 - 11000 - 10500. We may see higher volatility with this being the overall range. We suggest investors to not have naked positions and if not avoid having intraday positions," Mustafa Nadeem, CEO, Epic Research said.

08:43 (IST)23 May 2019
Not just election results, options expiry will add volatility to stock market: Expert

"The fact that tomorrow we have weekly expiry as well, it adds to volatility and opportunities to enter and exit at favorable prices for the traders. It is unlikely that final results will be known before market closes (it may even take up-to Friday), hence we can only watch for the leading parties and according make buy or sell decisions. We absolutely believe Nifty will cross 12000 if NDA manages to secure a majority. However if this doesn’t happen and there is a hung parliament, or UPA comes into power, we can expect to see a huge correction in the markets over the next couple of days,"  Amit Gupta, Co –Founder and CEO, TradingBells said. 

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