Live Market Updates: Sensex halves gains; IT, FMCG, healthcare stocks drag

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12:59pm In Gujarat, BJP leads in all 26 seats while BJP’s Arun Jaitley lost to Congress’ Amarinder Singh.

12:58pm IT, FMCG, Healthcare drag

Dr Reddy’s Labs lost 2.5 percent while Infosys, Hindustan Unilever, Wipro, HCL Technologies and Tech Mahindra declined over 1.5 percent. ITC slipped 0.3 percent and Cipla over 1 percent.

12:55pm Market loses more than half of gains

The Sensex gained 630.98 points or 2.64 percent to 24536.58, and the Nifty rose 201.20 points or 2.82 percent at 7324.35.

12:53pm In Uttar Pradesh, BJP leads in 68 (out of 80) parliamentary seats while Congress leads in 3 seats and Samajwadi Party in 9.

12:50pm The rupee strengthened on NDA victory, rising to 11-month high while Nifty futures hit high of 7625 and Bank Nifty touched high of 15,996.

12:47pm Market Update

The Sensex rose 822.78 points or 3.44 percent to 24728.38, and the Nifty climbed 253.10 points or 3.55 percent to 7376.25 after losing around 2.5 percent from day’s highs.

12:45pm Most active shares: State Bank of India, Reliance Industries, Adani Enterprises, Larsen & Toubro and ICICI Bank.

12:43pm In Andhra Pradesh, Bharatiya Janata Party leads in 17 Lok Sabha seats (out of 42) while Congress in 4 seats, YSRC in 9 and TRS 11.

12:40pm Market Expert

Vallabh Bhansali, chairman, Enam Securities says he would look for solid economic growth.

“I think for the first time in my investing career I have seen people vote for development and growth the way this time it has happened. It is across the country; from north to south to east to west. This is very big because you are going to see the man, the ideology and the people all aligned like never before in modern economic development agenda. This I think is the mother of all potential that I have ever witnessed in my life,” he explains.

Bhansali further says, “This is true economic independence according to me. People believed in a man. This time people believed in themselves, they have joined the aspiration bandwagon and I think that is very exciting to me.”

12:37pm Losers

Dr Reddy’s Labs is the top loser, falling over 2.5 percent followed by Hindustan Unilever, Infosys, Wipro and Tech Mahindra with 1-1.8 percent.

12:35pm In Tamil Nadu, Jayalalithaa-led ADMK leads in 37 (out of 39) Lok Sabha constituencies while BJP in 2 seats

12:31pm In Odisha, BJD leads in 14 Lok Sabha seats (out of 21) while BJP leads in 3 seats and Congress in 4.

12:27pm Vivimed Labs in focus

Company receives the PIC/S GMP approval for one of its pharmaceuticals manufacturing facilities in Hyderabad

12:23pm Rail stocks on buyers’ radar

Shares of rail stocks are gaining in full steam as Narendra Modi heads to become the next Prime Minister of India.  A massive landslide win of NDA swept the nation as the BJP-led NDA powered by Modi has, for the first time, crossed the 300-seat mark with the saffron party alone crossing the half-way mark of 272.

Rail stocks Titagarh Wagons, Kalindee Rail Nirman, Kernex Microsystems, Hind Rectifiers, Texmaco Rail and Engineering and BEML are popping in buyers’ list on Friday, rising 2-11 percent.

Investors are excited about the rail stocks as Modi has been stressing on improvement on beleaguered Indian railways. In his campaign speeches, he also highlighted about modernising the railway system, just like Japan.

12:19pm Adani group stocks on strong footing

Adani Enterprises surged 14.5 percent to Rs 572.95 after hitting fresh 52-week high of Rs 585 while Adani Power gained 5.55 percent to Rs 58 and Adani Ports jumped 4 percent to Rs 229.

12:15pm In Maharashtra, BJP leads in 43 seats (out of total 48) while Congress leads in just 4 seats.

12:12pm Banks, Realty stocks star

BSE Bank and Realty indices gained 7 percent each. Allahabad Bank, Andhra Bank, Canara Bank, Indian Bank, Oriental Bank of Commerce, PNB, UCO Bank and Union Bank of India are top gainers among PSU banks, rising 10-15 percent.

Among private banks, Axis Bank, Federal Bank, ICICI Bank, IndusInd Bank, Kotak Mahindra Bank, YES Bank and Karnataka Bank surged 7-10 percent.

In realty space, DLF, Indiabulls Real Estate, HDIL and Sobha Developer climbed 7-11 percent.

12:08pm Election Update

BJP candidate Kirron Kher is leading from Chandigarh seat over Congress rival and four-time MP Pawan Kumar Bansal, as per initial trends.

As per trends available, Kher is now leading by 5,418 votes over her Congress rival and former Union Railway minister.

Speaking on the intial poll trends, Kher said: “We are very proud of him (Narender Modi). He was our General. We were behind him in this battle and we will win this battle.” Aam Aaadmi Party (AAP) candidate Gul Panag is trailing at the third place by 12,183 votes.

Chandigarh Lok Sabha seat had witnessed 73.84 percent polling with 4.53 lakh voters exercising their franchise out of total 6.13 lakh electors on April 10, reports PTI.

12:03pm Market Expert

Nirmal Jain, chairman, IIFL says it is a bull market.

“I would say that people should resist temptation to book profit at this point in time. Of course there can be small corrections but in a bull market the corrections are smaller and the rally gets bigger and bigger. So, at this point in time one should look forward to a good bull market for the next five years. The market has rallied very sharply in last few days but let the dust settle and then probably we will see a steadier run, a long-term bull market,” he elaborates.

12:00pm The market consistently held upward momentum in afternoon trade as election results made it clear that Bharatiya Janata Party-led National Democratic Alliance (NDA) is set to form new government at centre. The Sensex rose 834.34 points or 3.49 percent to 24739.94, and the Nifty climbed 255.45 points or 3.59 percent to 7378.60 though both lost more than 2 percent gains from day’s high.

NDA leads in 322 parliamentary seats with BJP in 272 while UPA still stuck at 75 with Congress leading in 59 seats.

Sesa Sterlite topped the buying list in the Sensex, rising 11.27 percent followed by ICICI Bank, Axis Bank, SBI and HDFC Bank with 6-8 percent.

However, the market breadth turned in favour of declines. Declining shares outnumbered advancing ones by a ratio of 1264 to 1155 on the BSE.

Source: Money Control

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