Lok Sabha Elections results 2019 impact: If you bought these banking shares yesterday, you bagged this massive profit
Banking stocks is where investors are preferring to park their money.
While trading on stock exchanges, big moments must be carefully picked for placing bets. Lok Sabha Elections Results 2019 is one such opportunity for grabbing better returns and investment in top stocks. Currently, investors are net buyers on both Sensex and Nifty, but did you know, if you invested in previous trading sessions in banking stocks you might have bagged hefty profits in just 1 day. Exit polls already indicated a NDA retaining power in Lok Sabha Elections 2019, hence, markets have welcomed the counting day trend with bullish sentiments. But it would be banking stocks where investors are preferring to park their money most. This shows faith in the sector.
The S&P BSE Bankex clocked an all-time high of 35,670.69, overall rocketing by over 1,462 points. At around 1119 hours, the index was trading at Rs 35,097.02 above 888.99 points or 2.60%.
On Bankex, it would be Bank of Baroda shares which were bought the most as the bank was trading at Rs 136.40 per piece up by 7.92%. BoB was joined by Yes Bank at Rs 146.20 per piece higher by 6.17%, IndusInd Bank at Rs 1,595.75 per piece above 5.15%, SBI at Rs 353.60 per piece up 3.74% and ICICI Bank at Rs 417.45 per piece up near 3%.
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Other banks like Federal Bank, Axis Bank and City Union Bank also surged by 1% to 2%. However, it was HDFC Bank which saw most volatile and less enthusiasm from investors.
So far, the gains in BoB have been nearly 14%, followed by 9.47% in Yes Bank IndusInd Bank by 8% and SBI by nearly 7%.
Let's suppose, if you invested in any of these four banks a sum of Rs 1 lakh on Wednesday. You would have added below mentioned gains in just a few minutes of trading on Thursday. The entire day of Lok Sabha Election counting is still awaited with more surprises.
In fact, when compared, returns from these banking stocks are far better than traditional fixed deposits.
Here's an example from HDFC Bank FD calculator.
Latest counting suggests a BJP win with NDA bagging 336 seats. UPA may get 85 seats and remaining 121 seats were divided among others.