India Election Results 2019, market highlights: After hitting record high, Sensex falls 1,314 points; investors book profithttps://indianexpress.com/article/business/market/india-election-results-2019-and-market-today-live-updates-bse-nse-sensex-nifty-rupee-bonds-5743411/

India Election Results 2019, market highlights: After hitting record high, Sensex falls 1,314 points; investors book profit

India Election Results 2019, Stock/Share Market News Highlights: The stock markets erased their intraday gains to end lower on Thursday amid a sharp selloff in the afternoon trade even as trends of the election results suggested BJP-led NDA government returning to power. Read all that happened during the day.

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The stock markets pared their intraday gains to end in the negative territory amid heavy profit booking even as trends suggested BJP-led NDA government returning to power. (Express photo by Partha Paul)

India Election Results 2019 and Share/Stock Market Highlishts: The frontline indices on the BSE and the National Stock Exchange (NSE) settled lower on Thursday after a sharp selloff in the afternoon trade, particularly in the final hour of the session as traders booked profits.

Earlier in the day, the indices had scaled new record highs with the S&P BSE Sensex breaching 40,000-mark and the Nifty50 going past the 12,000-mark for the first time as trends of the election results indicated the BJP-led NDA government was returning to power with a big majority.

The S&P BSE Sensex settled at 38,811, down 299 points or 0.77 per cent. The index crashed by 1,314 points after hitting a record high of 40,125 level in the intra-day trade. On the other hand, the broader Nifty 50 index ended at 11,657, down 81 points or 0.69 per cent. The index had breached the 12,000-mark to hit 12,041 levels during the day.

In the broader markets, the S&P BSE MidCap index ended the day at 14,650, down 21 points or 0.15 per cent, while the S&P BSE SmallCap index slipped 16 points or 0.11 per cent to settle at 14,353.

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Among the sectoral indices on the NSE, the Nifty FMCG index was the worst performer of the day, slipping 1.73 per cent followed by Nifty Metal index which fell 1.48 per cent. The Nifty Bank index, which had hit 31,000-level mark during the day’s trade, ended up slipping 118 points to 30,409 weighed by heavyweight HDFC Bank which slipped 2.32 per cent to settle at Rs 2,350 per share.

Also read: Lok Sabha Election results 2019 LIVE Updates: BJP set for second term with full majority as Congress falters

The rupee pared its morning gains and was trading on a weak note against the US dollar in the late afternoon trade. It had breached the 70-mark per dollar and was last seen at 70.02 against the US currency. During the morning trade, the domestic currency had risen to 69.37 against the greenback after settling at 69.66 per dollar on Wednesday.

Live Blog

Nifty sectoral indices: Gainers and losers

Among the sectoral indices on the National Stock Exchange (NSE), the Nifty FMCG index and the Nifty Bank index were the among the biggest losers of the day.

S&P BSE Sensex: Gainers and losers of the day

IndusInd Bank was the leader among the gainers on the S&P BSE Sensex, rising 5.2 per cent to settle at Rs 1,596.85. However, HDFC Bank was the biggest contributor to the index's fall today, the stock slipped 2.94 per cent to end the day at Rs 2334.35

Market at close

The S&P BSE Sensex ended at 38,811, down 299 points or 0.77 per cent, while the broader Nifty50 index settled at 11,657, down 81 points or 0.69 per cent.

Deepthi Mathew, Economist at Geojit Financial Services on election results:

"Unlike in 2014, NDA-II has to deal with a much weaker economy. Rural distress and slowing investment in the country are two major issues that need to be addressed in an urgent manner. The developments in the global economy are also not favourable, especially with regard to the rising crude oil prices. The low crude oil prices benefited NDA-I in a bigger way."

Prime Minister Narendra Modi on Lok Sabha 2019 election results

In a tweet, Prime Minister Narendra Modi said "Together we grow.

Together we prosper.

Together we will build a strong and inclusive India.

India wins yet again! #VijayiBharat"

Market Check

Market situation at 03:13 pm

Romesh Tiwari, Head of Research, CapitalAim on election results

"As expected and predicted by exit polls the BJP is going to form the government again. Markets already had rallied on Monday and today after the trends started confirming BJP's win Sensex and Nifty hit their new highs. But now the market will have to catch up with ground realities of the economy and global factors. Global markets are showing weakness due to US-China trade worries and so our market may settle down or even turn negative in the short term. Traders must stay cautious now. Looking at technicals, Nifty has support around 11,730 levels, breaching it on downside might result in more downside towards 11,600, On the upside, any close above 11,800 may take the Nifty above 12,000. Infra and Banking sector may give good returns on the upside. We are positive on DLF, Yes Bank, IndusInd Bank."

B Gopkumar, ED and CEO, Reliance Securities on election results:

"Markets were looking for stability, continuity and strong leadership rather than a fractured mandate - this has led to the new high. We believe India allocation from global funds will increase and more ETF flows are likely over the short term that could drive the markets even higher."

Ajay Suresh Kedia, MD of Kedia Commodity on impact of Lok Sabha 2019 election results on markets:

"BIG day for Indian today as Nifty hits 12,000, Sensex 40,000, both for first time ever after Verdict 2019. Lok Sabha 2019 election results which are indicating that BJP-led NDA government will return in the centre. The BJP’s return would signal stability for the markets. This could lead to Rupee strengthening and benchmark yields coming down over the short term. Consistency in leadership is a positive for the economy. Overall and should shore up sentiment amongst foreign investors. Going forward we see Nifty going towards 13,500 soon."

Jimmy Patel - MD and CEO, Quantum Mutual Fund on expectations from new government:

"With the probability of last government retaining its power the kind of euphoria markets are creating I would first like to caution investors to stay calm. Rising markets make the stocks expensive, and hence it would be not the right time to jump in. Nevertheless, it is also recommended that investors hold on to their investments and wait for their financial goals to achieve.

My expectations from the new government for the Mutual Fund Industry are –

Scheme portability – The option to switch from one AMC scheme to another AMC scheme within the same asset class should be made available to investors without any extra cost & tax incidence.

FOF as Equity Scheme – Revise the definition of “Equity Oriented Funds” (EOF) by including Fund of Funds (FOF) schemes which invest predominantly i.e., 65% or more, in units of Equity Oriented Mutual Fund Schemes.

Taxation – Taxation of Fixed Income products and bonds if transacted in the capital market to be similar.

Pension Funds – Mutual Funds to be permitted along with tax benefit, management of pension funds.

Economy – Fiscal deficit to be controlled and financial discipline to be instilled without falling prey to populist measures."

Nifty PSU Bank index up over 1.5 per cent, top gainers and losers among the PSU banks

The Nifty PSU Bank index on the National Stock Exchange is up over 1.5 per cent. Here are the top gainers and losers among the public-sector banks.

Kotak Mahindra Bank head Uday Kotak congratulates Prime Minister Narendra Modi

In a tweet, Kotak Mahindra Bank CEO said, "Time for transformation of India. Time for deep reform. I dream of us as a global superpower in my lifetime. Heartiest congratulations to @narendramodi , the BJP, and the NDA."

Director of Reliance Nippon Life Asset Management

Reliance Nippon Life Asset Management has informed that Jai Anmol Ambani resigned as the company's director with effect from today.

(Source: Comapny release to BSE)

Surendra Hiranandani, Founder and Director, House of Hiranandani on real estate sector:

The real estate sector was in the news in the last couple of years, with the government announcing several major policy initiatives like demonetization, RERA, GST etc which changed the entire landscape of the industry and made it buyer friendly. Housing remains the top priority for every Indian regardless of their income levels, education or any other possible factor and we believe that a stable government at the centre in 2019 will further boost the growth in the sector. We hope that the new government demonstrates concrete action to push investments, increase growth and generate employment.

We expect that the new government can do away with unnecessary documentation which will help real estate players immensely. It is important that single window clearance is soon put into practice which will not only resolve operational issues prevalent in the industry but would improve the productivity of the real estate industry. Currently, the permissions are coming at a snail’s pace. Private sector participation in housing is necessary to bridge the gap between demand and supply and for that it is desirable to create a policy framework to minimise and simplify approvals required for the development of a real estate project. Real Estate sector stands amongst the critical sectors in terms of investments and employment and we look forward to initiatives that would further aid to the growth of the sector in the near future.

Japan's Nippon Life Insurance to raise stake in Reliance Capital-owned asset manager to 75 per cent

Reliance Nippon Life Asset Management said on Thursday its Japanese investor would increase its stake in the Mumbai-based asset manager to 75 per cent.

Reliance Capital and Nippon Life Insurance both own 42.88 per cent stake each in Reliance Nippon. Nippon Life will buy out most of Reliance Capital's stake with this deal, the asset manager said.

(Source: Reuters)

Nilkhil Kamath, Co-founder and Chief Investment Officer, Zerodha:

"The elections have played out in line with consensus opinion, BJP looks like they will have a majority even outside the alliances that form the NDA. Consistency in leadership is a positive for the economy overall and should shore up sentiment amongst foreign investors. This could lead to Rupee strengthening and benchmark yields coming down over the short term.

Specific to the Indian stock market; we believe they might have run up ahead of fundamentals buoyed by sentiment over the short term. It might be prudent to wait for the inherent fundamentals to catch up before waging big directional bets on the market right now."

NEWS FLASH | Government has to improve ease of doing business: Rakesh Jhunjhunwala to CNBC TV18

Ace investor Rakesh Jhunjhunwala in an interview with CNBC TV18 has said that the new government has to improve ease of doing business.

Market Check

Market situation at 12:06 pm

NEWS FLASH| 7.26 per cent 2029 Government Bond Yield at lowest level since April 2018: CNBC TV18

The 7.26 per cent 2029 Government Bond Yield is at the lowest level since April 2018
(Source: CNBC TV18)

S&P BSE SmallCap index up nearly 1 per cent

The S&P BSE SmallCap index was at 14,493, up 124 points or 0.9 per cent. Bharat Financial Inclusion and Indiabulls Ventures are the top contributors in this index.

S&P BSE MidCap index up 1.5 per cent

In the broader markets, the S&P BSE MidCap index was at 14,891, up 219 points or 1.5 per cent. LIC Housing Finance and Shriram Transport Finance are the top index contributors.

Volatility index India VIX falls 27 per cent

India's volatility index - India VIX, has fallen sharply by over 27 per cent to 20.0225 on Lok Sabha 2019 election results which are indicating that BJP-led NDA government will return in the centre.

SunTV jumps 5 per cent as trends indicate DMK leading

Shares of SunTV rose over 5 per cent in the morning trade after early trends showed that the DMK is leading in 31 of Tamil Nadu's 39 Lok Sabha seats.

Sun TV is owned by Kalanithi Maran, who is the grandnephew of the former DMK Leader M Karunanidhi. The stock has gained for the second consecutive session and has touched its all-time high of Rs 597.

Top gainers and losers in Nifty50

Nifty Bank index up over 2 per cent led by Bank of Baroda, IndusInd Bank and State Bank of India (SBI)

BSE Sensex Heatmap

Sectoral trend on the National Stock Exchange

Market Check

Markets at open

At 09:15 am, The S&P BSE Sensex was trading at 39,655, up 544 points or 1.4 per cent, while the broader Nifty 50 index was at 11,900, up 162 points or 1.4 per cent.

Rupee opening

The rupee opened at 69.49 per US dollar vs 69.66 against the greenback on Wednesday

Markets at pre-open

Markets on Wednesday

Market to trade volatile on account of election results: Karvy Research

Nifty is currently trading with bullish bias on the daily charts and has closed well above the major support zone of 11650-11700 levels. For the day, the index will take its direction from the outcome of the general election trends which will be available during the market hours.

We expect the volatility is to spike in the today’s trade amid the big political event. The index has support around 11650 followed by 11500 while resistance is pegged around 11880 and 12000 levels. On the flip side, BANKNIFTY is having support around 30250 and 30000 levels while resistance is pegged around 30700 and 30950 levels.

Sectors to watch for the day:

We remain bullish on select private sector banks followed by Auto and FMCG counters for the day. While any bounce in the Pharma and IT stocks may be used to exit the existing long positions.

(Source: Karvy Stock Broking - Morning Moves)

Good morning and welcome to Indian Express live markets coverage

Very good morning and welcome to Indian Express live markets coverage on the day of Lok Sabha Election 2019 results day. The stock markets will be tracking the election results closely today and we will be providing you with the latest updates.