Share market highlights: 1400-point salute to Modi’s exit poll win; Sensex, Nifty see biggest jump in 10 years

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Updated:May 20, 2019 3:54:17 pm

Share market highlights: The Sensex and Nifty posted their biggest intra-day jump in 10 years on Monday, after exit poll results showed that PM Narendra Modi may retain power. The Sensex posted its highest ever closing figure at 39,352.67.

Stock Market, Exit Pole, एग्जिट पोल, शेयर बाजार, Investors, Crude, Rupee, Trade War, Sensex, Nifty, General ElectionMaruti Suzuki shares are trading 5% higher at Rs 7,032.

Share market highlights: The Sensex and Nifty posted their biggest intra-day jump in 10 years on Monday, after exit poll results showed that PM Narendra Modi may retain power. The Sensex posted its highest ever closing figure at 39,352.67, while the Nifty is closed 421 points higher at 11,828.25. IndusInd Bank (8.64%), SBI (8.04%), Tata Motors (7.53%),  Yes Bank (6.73%) were among the biggest gainers in the 30-share index. Among the indices, Nifty Bank index surged over 1,000 points the most since May 2009. Notably, shares of banking majors ICICI Bank, HDFC Bank and Kotak Mahindra Bank surged to fresh record high, surging up to 7%.

Share markets in Asia got off to a steady start on Monday as investors tried to catch their breath following another week of escalating trade tensions between the United States and China. In early trade, MSCI’s broadest index of Asia-Pacific shares outside Japan tacked on 0.6% after a steep 3% loss the previous week. U.S. S&P 500 e-mini futures also turned higher, rising 0.5% following losses on Wall Street on Friday, Reuters reported.

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Highlights

    15:54 (IST)20 May 2019
    BSE live: 1400-point salute to Modi's exit poll win; Sensex, Nifty see biggest jump in 10 years

    The Sensex and Nifty posted their biggest intra-day jump in 10 years on Monday, after exit poll results showed that PM Narendra Modi may retain power. The Sensex posted its highest ever closing figure at 39,352.67, while the Nifty is closed 421 points higher at 11,828.25. IndusInd Bank (8.64%), SBI (8.04%), Tata Motors (7.53%),  Yes Bank (6.73%) were among the biggest gainers in the 30-share index. Among the indices, Nifty Bank index surged over 1,000 points the most since May 2009. A look at Sensex heatmap at close.

    15:25 (IST)20 May 2019
    Gold imports rise 54 per cent to $3.97 billion in April

    Gold imports increased 54 per cent to USD 3.97 billion in April, widening the country’s trade deficit and fuelling worries about the current account deficit (CAD). Imports of the precious metal stood at USD 2.58 billion in April 2018, according to data from the commerce ministry. Increase in gold imports pushed the country’s trade deficit to a five-month high of USD 15.33 billion in April. The country’s current account deficit (CAD) widened to 2.5 per cent of GDP in the third quarter of the last financial year from 2.1 per cent a year ago, primarily on account of a higher trade deficit, though the foreign exchange reserves continued to soar.

    Also read: Gold imports rise 54 per cent to $3.97 billion in April

    15:19 (IST)20 May 2019
    Nifty could hit 12,000 before May 23rd: Expert

    "As expected Indian markets reacted very positively today with broader indices showing better strength than the Nifty-50. Mid Cap Index rose by more than 4% today indicating smart pull back in most the beaten down names. If Nifty crosses the previous peak of 11,856 then we can expect it to rise further an test the 12,000 mark before 23rdMay. For Nifty to cross 12,000 a strong single party majority for the BJP is required. Going forward if we have the BJP-led coalition coming back to power on 23rd then expect broader participation in the mid & small cap space as they are the most beaten down in the last 18 months,"  Rusmik Oza, Head of Fundamental Research, Kotak securities Ltd said. 

    15:12 (IST)20 May 2019
    Nifty Bank posts biggest gain in history; Kotak Mahindra, ICICI, HDFC Bank hit record highs

    Following exit polls predicting an easy win for Narendra Modi's BJP, Sensex and Nifty posted their biggest intra-day gain in 10 years, while Nifty Bank index saw its biggest jump in history. Notably, Nifty Bank Index soared more than 1,230-points to hit its life-time high of 30,779.90. Notably, a robust rally in the shares of private sector lenders ICICI Bank, HDFC Bank, Kotak Mahindra Bank, IDFC helped the index to achieve this feat. State-run lender SBI spurted more than 7.75% to hit a fresh high of Rs 345.80. ICICI Bank (5.04%) , Federal Bank (4.67%), Axis Bank (4.14%),  RBL (4.09%) , Kotak Mahindra Bank  (2.45%) were among the stock which soared to a fresh 52-week high on Monday. A look at Nifty Bank index.

    15:02 (IST)20 May 2019
    US’ richest black billionaire Robert F Smith promises to pay off 400 students’ loans, stuns entire graduating class

    America’s richest black billionaire and a prominent philanthropist stunned an entire graduating class at a college in Atlanta when he promised to pay off nearly 400 students’ loans estimated at USD 40 million. Robert F Smith, 56, made the announcement on Sunday while giving an address at Morehouse College, a historically all-male black college. “On behalf of the eight generations of my family who have been in this country, we’re going to put a little fuel in your bus,” Smith, told the graduates before saying his family was creating a grant to eliminate their student loans. The announcement was met with a standing ovation, the CNN reported.

    Also read: US’ richest black billionaire Robert F Smith promises to pay off 400 students’ loans, stuns entire graduating class

    14:04 (IST)20 May 2019
    BSE live: Sensex up 1,200 points on Modi's win in exit polls; Nifty sees biggest jump in 10 years

    The Sensex and Nifty posted their biggest intra-day jump in 10 years on Monday, after exit poll results showed that PM Narendra Modi may retain power. The Sensex is up 1,295 points to 39,225.64, while the Nifty is nearing the 11,800-mark. SBI (7.93%), Tata Motors (6.82%), Yes Bank (6.28%) are among the biggest gainers in the 30-share index. Among the indices, Nifty Bank index surged over 1,000 points the most since May 2009. A look at live Sensex heatmap.

    13:01 (IST)20 May 2019
    Missed out on today’s Sensex, Nifty rally; should you wait or put in money now in share market?

    After the Indian stock market spurted on Monday morning following exit polls predicting an easy victory for the Narendra Modi-led government, experts say that the rally is likely to continue if the actual numbers on May 23rd come as expected. Notably, the 30-share Sensex zoomed 1,134 points to hit the day’s high at 39,064.23, while the Nifty raced to hit the 11,700-mark. Among the indices, Nifty Bank index surged over 1,000 points the most since May 2009. Notably, shares of banking majors ICICI Bank, HDFC Bank and Kotak Mahindra Bank surged to fresh record high, surging up to 6 per cent.

    Also read: Missed out on today’s Sensex, Nifty rally; should you wait or put in money now in share market?

    12:37 (IST)20 May 2019
    Sensex reclaims 39,000; less than 500 points away from record high

    The Sensex and Nifty continued their robust surge in the afternoon trade on Monday, after exit poll results showing that PM Narendra Modi may retain power. The Sensex recalined the crucial 39,000-mark, and is trading 1,103 points higher at 39,033.57 while the Nifty is trading above the 11,700-mark. A look at LIVE Sensex heatmap.

    12:31 (IST)20 May 2019
    Sensex, Nifty may surge to fresh record high in exit poll predictions are true: Expert

    "If the prediction of the exit polls turn out to be true and NDA does come out with a clear majority, the markets might see new all time highs once again. That would be the best time to start booking profits on your longs while waiting for the right time to re-enter on dips. However if NDA fails to secure a clear majority this Thursday, the markets might see a temporary correction until there is clarity on the next government. It all depends on the final outcome this Thursday, meanwhile traders can enjoy the adrenaline rush provided by the exit polls. Nifty can see going past 12,000 if NDA wins clear majority, Sensex may touch 39,900 – 40,000 . On the downside 11,500 becomes the support (current 50DMA) if the current exit poll results are sustained. However in absence of clear majority to NDA, Nifty may correct to 11,150 once again which was the low made last week (37,100 for Sensex),"  Amit Gupta, Co –Founder and CEO, TradingBells said. 

    12:16 (IST)20 May 2019
    BSE live: Sensex gives 1,000-point cheer to Modi's win in exit polls; ICICI, HDFC Bank at record high

    The Sensex and Nifty continued their robust surge in the afternoon trade on Monday, after exit poll results showing that PM Narendra Modi may retain power. The Sensex is up 1,041 points to 38,971.49, while the Nifty is trading above the 11,700-mark. Among the indices, Nifty Bank index surged over 1,000 points the most since May 2009. Notably, shares of banking majors ICICI Bank, HDFC Bank and Kotak Mahindra Bank surged to fresh record high, surging up to 6%. A look at LIVE Sensex heatmap.

    12:00 (IST)20 May 2019
    Wolrd news update: Pakistan needs aggressive diplomacy to exit FATF grey list, says official

    Pakistan needs to launch an aggressive diplomatic effort to secure enough support to come out of the grey list or prevent itself from falling into the black list of the Financial Action Task Force (FATF) next month, a senior government official has said. The official’s remarks came after a 10-member Pakistani delegation attended a two-day meeting of the Asia-Pacific Group (APG) of the Paris-based global watchdog FATF in the southern Chinese city of Guangzhou where it defended Pakistan’s efforts against money laundering and terror financing. 

    Also read: Pakistan needs aggressive diplomacy to exit FATF grey list, says official

    11:15 (IST)20 May 2019
    ICICI Bank, HDFC Bank, Kotak Mahindra Bank hit fresh record high as investors cheer Modi's likely return

    Shares of banking majors ICICI Bank, HDFC Bank and Kotak Mahindra Bank surged to fresh record high on Monday, buoyed by optimism that current Prime Minister Narendra Modi is likely to return, providing a stable governmet at the centre. The bluechips ICICI Bank, HDFC Bank and Kotak Mahindra Bank gained as much as 6% to hit fresh lifetime highs. A look at LIVE Sensex heatmap.

    10:53 (IST)20 May 2019
    NSE live: All major sectoral indices trading up to 7% higher on optimism on Modi's return

    The Nifty is holding on to strong gains on Monday morning, and all the major sectoral indices are seeing s strong rally after exit polls predicted the return on PM Narendra Modi with a comfortable margin. Nifty PSU Bank index, Nifty Realty were the major gainers, jumping up to 7%. A look at sectoral indices chart.

    10:47 (IST)20 May 2019
    In gold we trust: India’s household gold reserves valued at over 40% of GDP

    Households in India may have piled up around 24,000-25,000 tonnes of gold, remaining the world’s largest holders of the precious metal, Somasundaram PR, managing director (India) of the London-headquartered World Gold Council (WGC), has told FE. At Friday’s international price, the value of the holdings (25,000 tonne) would be as much as $1,135 billion, or equivalent of more than 40% of India’s nominal gross domestic product (GDP) in FY19. Factoring in the central bank’s reserves (608.8 tonne) and an import duty of 10%, the domestic value of the gold stocks at most of the known sources in the world’s second-largest consumer will be even higher. Despite subdued demand in recent years, gold holdings have accumulated over the decades, thanks to the traditional penchant for the precious metal.

    Also read: In gold we trust: India’s household gold reserves valued at over 40% of GDP

    10:38 (IST)20 May 2019
    India’s new government inherits an economy riddled with problems

    A set of deep-rooted economic challenges awaits India’s new government after election results are announced May 23. Arresting an economic slowdown and nursing the nation’s financial sector back to health will be the immediate priorities for the next administration if Prime Minister Narendra Modi’s coalition wins a second term — as exit polls suggest — or his political opponents wrest power from him. A slowing global economy and a protracted trade war between the U.S. and China add to the urgency to fix things at home. With 7% expansion in the year through March, India has held the crown as the world’s fastest-growing major economy. 

    Also read: India’s new government inherits an economy riddled with problems

    10:30 (IST)20 May 2019
    SBI, ICICI Bank among major Nifty gainers: Top gainers and losers

    After opening higher, Nifty is extending gains on Monday morning, tracking robust exit poll outcome. A look at top 5 gainers and losers. Almost all the exit polls show the incumbent BJP-led NDA coalition winning 267-365 seats in the lower house of parliament, which would be sufficient for the NDA to form the next government under the leadership of Narendra Modi. The exit polls’ projections for NDA are moderately ahead of projections for the pre-poll surveys before the start of national elections which showed the BJP-led NDA winning 270-310 seats, Kotak Securities noted. A look at top 5 Nifty gainers and losers.

    10:25 (IST)20 May 2019
    Stock market may see a rally post results on May 23rd: Kotak Securities

    "The exit polls would be seen as a modest positive for the Indian stock market as the market was largely factoring in the return of the BJP-led NDA government.  We could see a small rally post May 23 election results if the results are in line with the market’s expectations. However, Indian market valuations are not cheap despite muted performance of the broad market and severe correction in several sectors and mid-cap. and small-cap. stocks over the past 12 months. We would note that a significant portion of the correction in large-cap. stocks is due to earnings downgrades rather than multiple correction," Kotak Securities said in a note. 

    10:05 (IST)20 May 2019
    Inflection point for Indian share markets, economy, says ace investor Porinju Veliyath

    "This is surely an infloection point for the broader market to rally. Earlier, we had a large FII inflow into ETFs chasing the same largecap bluechips. That cannot go on forever. This is a major event for the markets, and the economy at large, there is no doubt about that. First time we have got such a massive mandate for an incumbent government, in case the exit poll predictions are true. I had a very strong view that NDA will return, as we don't have any alternative. We cannot afford a khichdi government at this stage," ace investor Porinju Veliyath told in an interview to ET Now.

    09:57 (IST)20 May 2019
    Rupee opens higher at 69.49 per dollar against the previous close of 70.22

    The Indian rupee opened higher by 73 paise at 69.49 per dollar on Monday morning against the previous close 70.22 after the exit polls predicted landslide victory for Modi-led Bharatiya Janata Party (BJP) in Lok Sabha elections 2019. The final results will be announced on May 23. The experts said market gains would be kept in check ahead of the vote counting this week on Thursday. The global tensions and foreign investment flows will also drive the rupee besides major event of elections. “Based on the exit poll results which turned out to be favourable for the ruling Bharat Janata Party, the dollar,rupee pair will see a resistance around 69.80 on a higher side and the dollar could slip towards 69.30 against the rupee,” Amit Sajeja, Associate Vice President, Motilal Oswal, told Financial Express Online.

    Also read: Rupee opens higher at 69.49 per dollar against the previous close of 70.22

    09:23 (IST)20 May 2019
    BSE live: Sensex jumps 900 points, Nifty near 11,700 on exit poll cheer; Maruti Suzuki, L&T jump

    The Sensex and Nifty surge in the opening trade on Monday morning, tracking exit polls results showing that PM Narendra Modi may retain power. The Sensex is up 854 points to 38,784.77, while the Nifty is trading near the 11,700-mark. Maruti Suzuki shares are trading 5% higher at Rs 7,032, while L&T shares are up 4% to emerge among the biggest Sensex gainers.  A look at LIVE Sensex heatmap.

    09:12 (IST)20 May 2019
    Modi sarkar 2.0 needs to be bolder than first

    xit polls in India have a patchy record. Polling has been off the mark in two of the last four general elections in India, so nobody should assume that the final results, which will begin to be available later this week, will necessarily follow the pattern of the exit polls that were released as voting ended this Sunday. Nevertheless, the trajectory of the polls can’t be ignored. Even those that are least optimistic about the ruling Bharatiya Janata Party’s chances say it would be within striking distance of a majority if it could add a few more coalition partners. Others suggest that Prime Minister Narendra Modi could actually improve upon his extraordinary 2014 victory.

    Also read: Modi sarkar 2.0 needs to be bolder than first

    08:57 (IST)20 May 2019
    Japan’s unexpected GDP growth comes with reasons for caution

    Japan’s economy surprised with solid growth during the first quarter of the year, but that is likely to give little comfort to policy makers worried about economic momentum ahead of a looming sales tax increase. The biggest driver of the expansion was imports falling even faster than exports, meaning that net exports technically drove growth in the economy. Yet falling imports is actually a sign of underlying weakness in demand, so the result is somewhat misleading.

    Also read: Japan’s unexpected GDP growth comes with reasons for caution

    08:56 (IST)20 May 2019
    Gold steadies as trade tensions, Iran worries in focus

    Gold steadied on Monday after four days of falls, as a Sino-U.S. trade dispute aggravated by a Huawei ban and U.S. President Donald Trump’s latest threat to Tehran fuelled interest in the safe-haven metal.  Spot gold was up 0.1% at $1,278.06 per ounce at 0137 GMT.  U.S. gold futures were 0.2% higher at $1,278 an ounce.  Gold fell to a two-week low of $1,274.51 an ounce on Friday after data showed U.S. 

    Also read: Gold steadies as trade tensions, Iran worries in focus

    08:55 (IST)20 May 2019
    Asian shares steady after steep losses; Saudi comments lift oil

    Share markets in Asia got off to a steady start on Monday as investors tried to catch their breath following another week of escalating trade tensions between the United States and China. In early trade, MSCI’s broadest index of Asia-Pacific shares outside Japan tacked on 0.6% after a steep 3% loss the previous week. U.S. S&P 500 e-mini futures also turned higher, rising 0.5% following losses on Wall Street on Friday. The Dow Jones Industrial Average fell 0.38%, the S&P 500 lost 0.58% and the Nasdaq Composite dropped 1.04%.

    Also read: Asian shares steady after steep losses; Saudi comments lift oil

    08:50 (IST)20 May 2019
    Exit poll outcome better than stock market expectations: Reliance Securities

    "The exit polls have been better than market expectations with the ruling party getting a comfortable majority. However, the market has been rallying for the last two days and it has factored the information to some extent. The market is likely to rally further but the rally may not be significant as there are challenges of not so encouraging earnings growth, lower liquidity, slowing economy and global challenges. There could be sector specific rally like infrastructure and banking that could do well," Naveen Kulkarni, Head of Research, Reliance Securities said. 

    08:49 (IST)20 May 2019
    Sensex, Nifty to cheer exit poll outcome: Expert

    'As per the poll of polls, NDA led by BJP is likely to easily cross the half-way mark. Markets will heave a big sigh of relief as it favours continuity & familiarity in terms of roll-out of policies. If NDA were to fall short of the half-way mark it would have led to scramble for allies like TRS, Jagan Congress & BJD. Institutional investors will look forward to the fillip to economic growth provided by structural reforms strongly pushed by Modi like GST, IBC, RERA, DBT etc With benign inflation, well-anchored inflationary expectations & a relatively stable exchange rate; focus will be on how Modi is able to kick-start slowing engine of consumption, revive private investments, provide fillip to anemic exports, alleviate farm distress, create adequate employment opportunities, rescue the precariously perched NBFC & real-estate sectors, generate adequate resources through better administration of taxes & divestment to fund the increasingly populist impulses,' Ajay Bodke (CEO PMS Prabhudas Lilladher) said.