Indian stock markets are likely to open higher following positive sentiments on the back of Narendra Modi led Bharatiya Janata Party is leading the vote count state elections in Gujarat and Himachal Pradesh.
Indian stock markets are likely to open higher following positive sentiments as Narendra Modi led Bharatiya Janata Party is leading the charge in the assembly election battle in the state of Gujarat and Himachal Pradesh. The counting of votes has already been started with BJP leading ahead of Congress and is seeking a sixth straight term in office, while the Congress is aiming to stage a comeback in power after being in the opposition for over two decades. The early indicator of India’s key equity index NSE Nifty, SGX Nifty Futures was also trading 0.82% higher at 10,448 on the Singapore Stock Exchange.
A relief rally is underway in the market. A potentially convincing win, which is 110+ seats for the BJP in a state perceived to be most impacted by GST/demonetisation should at best, and will only boost market sentiment. Mahesh Nandurkar, India Strategist, CLSA. According to various market experts, BJP winning 110-115 mostly priced in, but a stronger victory with over 125+ seats will boost bull sentiment in the market. On the contrary, if BJP wins around a 100 or less, the markets will be disappointed.
Bharti Airtel: In a big and very stern action, the Unique Identification Authority of India (UIDAI) has temporarily barred Bharti Airtel and Airtel Payments Bank from conducting Aadhaar linked e-KYC verification of SIMs and bank clients. Basically, in simple words, UIDAI has temporarily barred Bharti Airtel and Airtel Payments Bank from conducting Aadhaar-based SIM verification of mobile customers using the eKYC process as well as e-KYC of payments bank clients.
State Bank of India: State Bank of India said the Carlyle Group has completed the acquisition of GE Capital’s entire 26% stake in SBI Card, which is the second largest and credit card issuer in the country.
PVR: Leading multiplex operator PVR is scouting overseas destinations for expansion and plans to open its first project in Sri Lanka in next two years, PTI reported citing a top company official.
ONGC: State-owned ONGC has torn into regulator DGH’s proposal for auctioning its discovered oil and gas fields, saying national oil companies can raise production if they are offered the same fiscal concessions as being extended to private companies, PTI said in a report.
Dish TV and Videocon: Dish TV India has received approval from the Ministry of Information and Broadcasting (MIB) for the merger of Videocon d2h with Dish TV.
Reliance Communications: Anil Ambani-led Reliance Group has filed a Rs 5,000-crore defamation suit against Congress spokesperson Abhishek Singhvi in the Gujarat High Court, PTI reported citing unidentified sources.
Forex reserves: The country’s foreign exchange reserves declined by USD 1.044 billion to USD 400.897 billion in the week to December 8 due to a steep fall in foreign currency assets, the Reserve Bank said on Friday. The foreign currency reserves, a major component of the overall reserves, declined by USD 1.028 billion to USD 376.428 billion, according to the RBI data.
Mutual Fund participation at record high: Enthused by strong participation from retail investors, the number of mutual fund folios has grown by over 95 lakh in the first eight months of the current fiscal to an all-time high of 6.5 crore at November-end 2017.
Indian rupee gained 30 paise on Friday
The Indian rupee gained as much as 30 paise against the US dollar on Friday after most of the exit polls showed BJP winning with a clear margin in the state elections of Gujarat and Himachal Pradesh. Earlier today, the Indian rupee opened 15 paise higher against the US dollar. The domestic currency rupee jumped as high as 33 paise in the afternoon trades to hit a high of 64.01 apiece US dollar. On Thursday, the Reserve Bank of India has fixed the reference rate of the rupee at 64.2798 against the US dollar and 75.9980 for the euro.
Indian stock market closing on Friday
Indian stock markets closed higher on Friday after blazing in the morning trades as investors rejoiced the exit poll results which has predicted an easy win for BJP in Gujarat and Himachal Pradesh. S&P BSE Sensex concluded 216.27 points or 0.65% higher at 33,462.97 whereas NSE Nifty added 81.15 points or 0.79% to settle at 10,333.25. The key equity indices Sensex and Nifty traded higher through the day. Shares of HDFC Bank, HDFC gained phenomenally ahead of board meetings in which both are mulling to look for options for fundraising in their respective board meetings scheduled on 19 and 20 December. In the intraday trade, Sensex jumped as many as 375.26 points to hit the day’s high at 33,621.96 while Nifty 50 index neared 10,400, rising by 119.55 points to hit the day’s high at 10,373.1.
US stock market on Friday
Wall Street’s three major indexes tallied record closing highs on Friday with broad gains across sectors as a long-awaited tax bill that would cut corporate tax rates looked like it would win enough support from lawmakers to pass, Reuters said in a report. The Dow Jones Industrial Average rose 142.49 points or 0.58% to 24,651.15, the S&P 500 gained 23.62 points or 0.89% to 2,675.63 and the Nasdaq Composite added 80.06 points or 1.17% to 6,936.58.