Opening Bell: Sensex, Nifty soar day after PM Narendra Modi retains power
Both Sensex and Nifty continued their positive run even on Friday, a day after Narendra Modi-led NDA's thumping win in the Lok Sabha elections 2019. Sensex opened 270 points higher at over 39,000 mark while Nifty gained 90 points to go open at around 11,750 in the early trade.
Both Sensex and Nifty continued their positive run even on Friday, a day after Narendra Modi-led NDA's thumping win in the Lok Sabha elections 2019. Sensex opened 270 points higher at over 39,000 mark while Nifty gained 90 points to go open at around 11,750 in the early trade. Most stocks in both the indecies also opened in green. Mehul Kothari, Sr Technical Analyst, IndiaNivesh Securities Limited said, "Until yesterday we were maintaining our bullish stance on the markets and expected Nifty to test 12000 – 12000 zone. Although Nifty sneaked above 12000 mark but unfortunately closed well below the same. This was very much in line with our view to book profits once the index opens higher. Going ahead, we expect 11600 to act as intermediate support for the markets. Below the same there is a major gap on the daily chart which could get filled."
"On the upside, a move above 11800 might bring some positive action in the markets. Since the event has now unfolded; we expect some consolidation in the market and hence advise traders to remain light until there is a clear direction," he said.
On Thursday, BSE Sensex surged over 1,000 points on Thursday to touch the 40,000-mark for the first time ever following the BJP's thumping electoral show. In similar movement, the broader NSE Nifty crossed the historic 12,000-level. But, both the indexes failed to sustain the euphoria as investors chose to cash in on the gains. The 30-share Sensex tumbled 298.82 points, or 0.76 per cent, to close at 38,811.39, while the Nifty settled 80.85 points, or 0.69 per cent, lower at 11,657.05.
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Interestingly, when the Narendra Modi government came to power 5 years ago on May 16, 2014, Sensex had rallied 261.14 points, or 0.90 per cent, to 24,121.74; and the Nifty jumped 79.85 points, or 1.12 per cent, to 7,203 then. According to experts, the markets had already priced in the election outcome and the focus would now shift to reforms, economic growth, monsoon and developments surrounding the bruising US-China trade conflict.
IndusInd Bank was the biggest gainer in the Sensex pack, rallying 5.23 per cent, followed by Hero MotoCorp, Coal India, Yes Bank, PowerGrid, ICICI Bank, HCL Tech, L&T, Kotak Bank and Bharti Airtel, rising up to 1.56 per cent. On the other hand, Vedanta, ITC, Tata Motors, HDFC twins, Bajaj Finance, Sun Pharma, Tata Steel, TCS, ONGC and Infosys fell up to 5.53 per cent.
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