Share market highlights: Sensex ends 624 points up, Nifty near 11,850; ICICI Bank, VEDL top gainers

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Updated:May 24, 2019 3:39:23 pm

Share market highlights: The Sensex and Nifty ended the week on a euphoric note after Narendra Modi-led NDA's emphatic victory in Lok Sabha polls. The Sensex closed 624 points higher at 39,434.72.

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 573 points to 39,385.20, while the Nifty is trading near above the 11,800-mark.

Share market highlights: The Sensex and Nifty ended the week on a euphoric note after Narendra Modi-led NDA’s emphatic victory in Lok Sabha polls. The Sensex closed 624 points higher at 39,434.72, while the Nifty ended near the 11,850-mark. ICICI Bank, L&T shares closed up to 5% higher, surging to fresh record highs in intra-day trade. 

Yesterday, the stock market had hit new peaks after Modi’s landslide victory in the Lok Sabha election. Notably, the 30-share index touched a new all-time high of 40,124.56, while the Nifty touched a fresh peak of 12,041.15. However, the benchmark indices failed to hold gains, as the Sensex and Nifty witnessed their worst intra-day fall in 11 years. The Senex gaive 1,313 points from all-time high of 40,124.96, to end in red. The volatility index posted its biggest one-day fall since 2014 poll result day.

Meanwhile, Asian shares hobbled near four-month lows on Friday and crude oil plunged on worries the U.S.-China trade spat was developing into a more entrenched strategic dispute between the world’s two largest economies, pushing investors to safe-haven assets, Reuters reported. We bring to you Live updates.

Live Blog

15:38 (IST)24 May 2019
BSE live: Sensex ends 624 points up, Nifty near 11,850; ICICI Bank, VEDL top gainers

The Sensex and Nifty ended the week on a euphoric note after Narendra Modi-led NDA's emphatic victory in Lok Sabha polls. The Sensex closed 624 points higher at 39,434.72, while the Nifty ended near the 11,850-mark. ICICI Bank, L&T shares closed up to 5% higher, surging to fresh record highs in intra-day trade.  A look at live Sensex heatmap.

15:10 (IST)24 May 2019
BSE live: Sensex extends gains, ICICI Bank, L&T shares jump

The Sensex and Nifty are extending gains in the afternoon trade on Friday, a day after Modi's emphatic win. The Sensex is up 633 points to 39,444.29, while the Nifty is trading near firmly above the 11,800-mark. ICICI Bank, L&T shares are trading higher by more than 4% each, surging to a new record high. A look at live Sensex heatmap.

14:43 (IST)24 May 2019
Theresa May to resign as UK PM on June 7

"It is now clear to me that it is in the best interest of the UK for a new PM to lead that effort.  I am today announcing that I will resign as Conservative leader on Friday 7 June. I have agreed with the party chairman that the process for electing a new leader will begin in the following week.  Ever since I first stepped through the door behind me as PM I have striven to make the UK work not just for a privileged few but for everyone and to honour the result of the referendum," Theresa May said.

14:24 (IST)24 May 2019
BSE live: Sensex surges 550 points, Nifty above 11,800; ICICI Bank, L&T hit record high

The Sensex and Nifty are extending gains in the afternoon trade on Friday, a day after Modi's emphatic win. The Sensex is up 573 points to 39,385.20, while the Nifty is trading near above the 11,800-mark. ICICI Bank, L&T shares are trading higher by more than 4% each. A look at LIVE Sensex heatmap. 

14:07 (IST)24 May 2019
After Modi govt’s landslide win, RBI may see 35 bps rate cut in June; here’s how much to expect in 2019

After Prime Minister Narendra Modi-led NDA received a massive mandate, the RBI is expected to cut lending rates by 100 basis points (bps) in 2019, said a global brokerage. With inflation remaining low at 3.3 per cent in May, the central bank may reduce interest rates by 35 bps in the upcoming June bi-monthly monetary policy to support recovery, pull down yields and provide room for further rate cuts this year, BofAML said in a report. In April, the central bank cut the rate by 25 bps as concern over growth loomed larger than those surrounding inflation. One basis point is a hundredth of a percentage point.

Also read: After Modi govt’s landslide win, RBI may see 35 bps rate cut in June; here’s how much to expect in 2019

13:00 (IST)24 May 2019
BSE live: Sensex surges 450 points, Nifty near 11,800; Bharti Airtel, L&T top gainers

The Sensex and Nifty are extending gains in the afternoon trade on Friday, a day after Modi's emphatic win. The Sensex is up 450 points to 39,245, while the Nifty is trading near the 11,900-mark. Shares of L&T, Yes Bank have emerged as top gainers, jumping up to 2.5%. A look at LIVE Sensex heatmap.

12:48 (IST)24 May 2019
Australia state says final approvals for Adani’s coal mine to be decided within three weeks

The process to obtain final approvals for Indian energy gaint Adani’s Carmichael coal mine in Australia will be settled within three weeks, the leader of the country’s Queensland state said on Friday as she sought to expedite the controversy-hit project. If given the green light, Adani could begin breaking ground at its Carmichael mine site within weeks, after more than eight years of planning. Adani group entered Australia in 2010 with the purchase of the greenfield Carmichael coal mine in the Galilee Basin in central Queensland, and the Abbot Point port near Bowen in the north. The massive coal mine in Queensland state has been a controversial topic, with the project expected to produce 2.3 billion tonnes of low-quality coal.

Also read: Australia state says final approvals for Adani’s coal mine to be decided within three weeks

12:16 (IST)24 May 2019
Stock market to take comfort from policy continuity: Morgan Stanley

After Modi's landslide win in the Lok Sabha polls stock market experts say that with the uncertainty of the event behind, the focus would be back to earnings growth and other fundamental factors. Interestingly, after the Sensex and Nifty scaled new peaks of above 40,000 and 12,000 respectively, global brokerage firm Morgan Stanley has raised its target stock price to 42,500 by June-2020, and 13,500 on Nifty in the same time-frame.  "This likely continuity in administration is source of comfort for stocks due to an accompanying policy predictability. We expect some shifts in the policy regime, Morgan Stanley said in the report.

11:11 (IST)24 May 2019
After Sensex, Nifty’s record rally, Rakesh Jhunjhunwala says mother of all bull runs ahead of us

The mother of all bull run in the stock market is still ahead as India is yet to see stellar growth, big bull Rakesh Jhunjhunwala said. The country may see the highest growth ever in the upcoming decade leading 2030, he also told ET Now. Adding, the ace investor also said that he thinks the ongoing consumption slowdown is temporary, as there can’t be a major slowdown in India for an extended period of time, he also said. The veteran investor also said that he expects a lot of investments to pour into the stock market. The people’s verdict is vote for continuity and death of crony capitalism, the ace investor told CNBC TV18 in an interview. The Big Bull as he is popularly known also said that the likely majority for BJP-led NDA proves that casteism is ending  while nationalism is coming to the fore.

Also read: After Sensex, Nifty’s record rally, Rakesh Jhunjhunwala says mother of all bull runs ahead of us

10:45 (IST)24 May 2019
India’s credit rating depends on policies of new govt; Moody’s explains how

India’s credit rating will depend  on the policies of the new government, Moody’s said Thursday and expressed hope that the country would continue with its fiscal consolidation plan. “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 are yet to be formulated,” Moody’s Investors Service VP Sovereign Risk Group William Foster said. Moody’s expects the broad push towards fiscal consolidation to remain, although with greater policy emphasis on supporting low incomes, Foster added.

Also read: India’s credit rating depends on policies of new govt; Moody’s explains how

10:20 (IST)24 May 2019
BSE live: Sensex pares gains, Nifty below 11,700; L&T, Bharti Airtel jump

After opening higher on Friday morning following Modi's emphatic win, the Sensex and Nifty pared gains. The Sensex is up 80 points to 38,892, while the Nifty is trading below the 11,700-mark. Shares of L&T, Yes Bank have emerged as top gainers, jumping up to 2.5%. A look at LIVE Sensex heatmap.

10:03 (IST)24 May 2019
India Inc’s long wishlist; here’s what Modi-led NDA can jump on to as it starts is 2nd term

Narendra Modi is back in power with an overwhelming majority and with this, industry experts have started sharing their expectations from the next government. As the Indian industry seeks many reforms, the next government will not be short of work to do in this particular segment with a long wishlist already revealed by industry veterans such as Biocon’s Kiran Mazumdar Shaw, Marico’s Harsh Mariwala, and Mahindra group’s Pawan Goenka. While all of them agreed upon the reforms needed in India’s Ease of Doing Business policy, others also nodded for amendments in land, labour and capital laws, they said in an interview to CNBC TV 18.

Also read: India Inc’s long wishlist; here’s what Modi-led NDA can jump on to as it starts is 2nd term

09:52 (IST)24 May 2019
Rupee opens higher at 69.75 per dollar against the previous close of 70.01

The Indian rupee opened higher at 69.75 per dollar on Friday morning against the previous close of 70.01 amid sinking crude oil prices and BJP’s thumping victory in the Lok Sabha elections. Yesterday, the Indian currency opened slightly stronger at 69.45 per dollar on Thursday against the last close of 69.66 per dollar. The market experts expect the rupee to remain higher for a couple of weeks after BJP’s sweeping success in the elections as the continuity in the administration would bring stability in reform policies and create job opportunities. Easing of crude oil prices and the foreign investment flows will also have an impact on the Indian currency.

Also read: Rupee opens higher at 69.75 per dollar against the previous close of 70.01

09:22 (IST)24 May 2019
Share market LIVE: Sensex up 400 points after Modi’s win, Nifty near 11,750; L&T, Yes Bank shares jump

The Sensex and Nifty are opened higher on Friday morning, after Narendra Modi-led NDA’s emphatic win in polls. The Sensex is up 400 points to 39,212.47, while the Nifty is trading above the 11,750-mark. Shares of L&T, Yes Bank have emerged as top gainers, jumping up to 2.5%. A look at LIVE Sensex heatmap.

09:14 (IST)24 May 2019
Modi 2.0: Here are top priorities for BJP-led NDA government

The watershed 2019 Indian election has thrown a decisive mandate. This is the first ever Non-Congress government re-elected in Indian electoral history. As a result, the new government will have the ability to pursue the economic reforms initiated in the past five years. This should ensure continuity of policy and structural reforms and likely boost business and consumer sentiment, which in turn will revive economic growth yet again. Now, the focus will shift to manage macro challenges and sustain healthy growth for longer periods of time. This, we believe, will cement India’s position as an attractive destination for investments relative to other emerging markets. Further, Modi 2.0 will need to handle the unfinished reforms in land acquisition, minerals allocation, direct tax code and financial sector governance and accountability.

Also read: Modi 2.0: Here are top priorities for BJP-led NDA government

08:53 (IST)24 May 2019
Sensex slumps 1,300 points from above 40,000 after Modi’s emphatic win; here’s why

he stock market witnessed its worst intra-day fall in 11 years on Thursday, after the Sensex and Nifty surged to new peaks on Narendra Modi’s emphatic election win. Notably, the 30-share index touched a new all-time high of 40,124.56, while the Nifty touched a fresh peak of 12,041.15 today. The surge in the shares comes even as trends indicate that the Narendra Modi-led NDA got its biggest mandate since 1984. Interestingly, the Sensex’s latest feat comes just days after it had hit a peak of 39,571.13 buoyed by exit poll results over the weekend, even as the Nifty moved to 11,883.55 on the same day. The volatility index posted its biggest one-day fall since 2014 poll result day.

Also read: Sensex slumps 1,300 points from above 40,000 after Modi’s emphatic win; here’s why

08:52 (IST)24 May 2019
Modi 2.0 puts India in a sweet spot, boosts economic growth: IIFL’s Nirmal Jain EXCLUSIVE

This mandate is very good to boost economic growth as well as address the slowdown issues. A government with clear majority like this can take bolder steps and continue with the reforms, which is also positive for the markets, because, when the economic conditions are good the market does well. Also you can take positive markets to drive growth, because the government can capitalise on this and take steps like raising capital to repair bank balance sheets and privatise etc.

Also read: Modi 2.0 puts India in a sweet spot, boosts economic growth: IIFL’s Nirmal Jain EXCLUSIVE

08:51 (IST)24 May 2019
Dollar steady after coming off 2-yr high, pressured by lower U.S. yields

The dollar held steady on Friday, having come off two-year highs on lower U.S. yields in the previous session amid fears that a trade war with China will hurt the U.S. economy more than previously thought. The greenback was not helped by rising expectations for an interest rate cut by the U.S. Federal Reserve later this year to help boost the world’s biggest economy. Against a basket of key rival currencies, the dollar was largely unchanged at 97.906, having fallen from a two-year high of 98.371 overnight. The index is still up 1.8% for the year.

Also read: Dollar steady after coming off 2-yr high, pressured by lower U.S. yields

08:51 (IST)24 May 2019
Asian shares at 4-month low on deepening US-China trade war

Asian shares hobbled near four-month lows on Friday and crude oil plunged on worries the U.S.-China trade spat was developing into a more entrenched strategic dispute between the world’s two largest economies, pushing investors to safe-haven assets. MSCI’s broadest index of Asia-Pacific shares outside Japan stood flat, hovering near its fresh four-month low marked on Thursday, and was on track for a third straight weekly loss, down 0.9% so far on the week.Japan’s Nikkei average dropped 0.6%. On Wall Street, the Dow Jones Industrial Average fell 1.1%, the S&P 500 lost 1.2% and the Nasdaq Composite dropped 1.6%, as traders dumped cyclical names on fears that the escalating U.S.-China trade war would stymie global economic growth.

Also read: Asian shares at 4-month low on deepening US-China trade war

08:50 (IST)24 May 2019
Oil bounces back, but markets remain fragile amid trade disputes

Oil prices jumped more than 1% on Friday amid OPEC supply cuts and Middle East tensions, but still did not fully recoup losses earlier in the week on economic slowdown jitters and swelling inventories – their steepest drops since the start of the year. Brent crude futures, the international benchmark for oil prices, were at $68.50 per barrel at 0231 GMT, up 74 cents, or 1.1%, from their last close. U.S. West Texas Intermediate (WTI) crude futures were up 63 cents, or 1.1%, at $58.54 per barrel. “Multiple supply risks remain, as tension continues between Iran and the U.S., which could turn disruptive,” ANZ bank said on Friday.

Also read: Oil bounces back, but markets remain fragile amid trade disputes

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