Indian stock market opened higher on Tuesday after Bharatiya Janata Party won the assembly elections in the states of Gujarat and Himachal Pradesh with a majority. The early indicator of NSE Nifty, SGX Nifty Futures was trading little changed, up 0.28% at 10,428.5 on Singapore Stock Exchange.
These stocks will be in focus today
Bharti Airtel: Airtel offered to return Rs 190 crore subsidy that had flown into the ‘unsolicited’ Payments Bank accounts of its 31 lakh mobile phone subscribers, PTI reported citing unidentified sources.
Axis Bank: India’s 3rd largest private sector lender Axis Bank completed largest fund infusion in the domestic banking sector through the private equity route, totalling Rs 11,626 crore, of which private equity major Bain Capital and a clutch of affiliated entities pumped in a whopping Rs 6,854 crore.
Shares of Airtel, Reliance Industries, Idea, RCom will be in watch as Telecom regulator TRAI started consultation process to bring down mobile number portability charges from to Rs 4 from Rs 19 levied at present.
HDFC: Mortgage lender HDFC will raise Rs 2,000 crore by issuing debt securities on private placement basis.
M&M: Mahindra & Mahindra is targetting a revenue growth of 20 per cent in the next financial year from its diesel genset business after entering the high kVA segment, PTI reported citing an unidentified company official.
Indian Rupee on Monday: In line with local equities, the rupee too recouped its massive initial losses but ended still lower by 20 paise to 64.24 a dollar after the trends showed the BJP will form governments in Gujarat and Himachal Pradesh.
Indian stock market on Monday
Sensex and Nifty ended little higher on Monday as Narendra Modi led BJP managed to get only a narrow majority in Gujarat elections as against strong margin predicted by exit polls earlier last week. 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. Through the day, investors remained in a dicey situation as the counting progressed which swung closely between BJP and Congress. In the 2012 assembly election of Gujarat, Bharatiya Janata Party captured 127 seats out of 182, implying a seat share of 69.78%. According to latest count available, this time BJP has only managed to gather about 99 seats out of 182, implying a seat share of 54.39%. The drop in seat share of BJP clearly shows that while Rahul Gandhi led Congress may not have won the elections but INC (Indian National Congress) has trimmed BJP’s stronghold in Narendra Modi’s home state of Gujarat. BSE Sensex gained 138.71 points or 0.41% to finish at 33,601.68 whereas NSE Nifty settled 55.5 points or 0.54% higher at 10,388.75.
US stock market on Monday
Wall Street hit record closing highs on Monday as optimism increased about the likelihood of lower corporate tax rates as the Republican tax bill moved closer to passage, Reuters said in a report. The Nasdaq surpassed the 7,000-point mark during the session but closed below that level. The Dow Jones Industrial Average rose 140.46 points, or 0.57 percent, to 24,792.2, the S&P 500 gained 14.36 points, or 0.54 percent, to 2,690.17 and the Nasdaq Composite added 58.18 points, or 0.84 percent, to 6,994.76.