Thursday, Dec 18, 2014

BSE Sensex, NSE Nifty set to rise as focus shifts to Narendra Modi’s cabinet

Indian shares are set to open higher on Monday after surging to record highs on Friday as the Bharatiya Janata Party led by Narendra Modi thundered to victory in India's federal election. (Photo: AP) Indian shares are set to open higher on Monday after surging to record highs on Friday as the Bharatiya Janata Party led by Narendra Modi thundered to victory in India's federal election. (Photo: AP)
By: Reuters | Mumbai | Posted: May 19, 2014 8:59 am

Indian shares are set to open higher on Monday after surging to record highs on Friday as the Bharatiya Janata Party (BJP) led by Narendra Modi thundered to victory in the Lok Sabha election.

Domestic-oriented shares such as ICICI Bank could continue to support markets as focus shifts to the cabinet of likely prime minister Narendra Modi and any signals about his economic or fiscal plans.

Overseas investors bought Indian shares worth of 36.34 billion rupees ($615.6 million) on Friday, marking their biggest single-day purchase since March, provisional exchange data shows.

NSE index futures traded on the Singapore Exchange rise 1.1 percent, while the MSCI-Asia Pacific excluding Japan index falls 0.3 percent.

However, analysts outpoint that stocks are now looking overbought as per technicals, which may lead to some consolidation in the near term.

Asian shares trod water on Monday as investors looked to test a theory that the world’s major central banks will continue to keep monetary policy easy and in some cases loosen further.

 

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