Domestic stock markets reach new highs every Tuesday, extending their rally to fourth day in a row, after polls departed predicted for the National Democratic Alliance (NDA) Bharatiya Janata led by the recently completed general elections. The S&P BSE Sensex rose as much as 219.06 showing 39,571.73 people in the early trade, and NSE Nifty moved to 11,883.55, which was 55.3 points higher than the previous time. Both benchmark indexes exceeded the highlights registered in April this year.
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- At 10:12 am, the Sensex traded 126.99 points – or 0.32 per cent – higher at 39,479.66 while the Nifty was up 29.50 points – or 0.25 per cent – on 11,857.75.
- The best winners on the 50-skip index at the time were Dr Reddy, Bharti Infratel, Reliance Industries, UPL, Cipla and HDFC, trading between 1.95 per cent and 3.86 per cent higher.
- Reliance Industries, HDFC and Bajaj Finance contributed to the developments on Sensex.
- On the other hand, the highlights on the Nifty 50 were Tata Motors, Bharat Petroleum, Yes Bank, Hindalco and Indian Oil, trading between 2.09 per cent and 4.58 per cent lower.
- Tata Motors' shares fell by as much as 3.66 on the BSE, a day after the car manufacturer reported its earnings for the quarter ending March 31. In regulation hours after the market on Monday, Tata Motors posted a profit. net of Rs. 1,117 crore for the three month period, setting out its first quarterly profit in the financial year.
- Some analysts say the rally before the election results due on Thursday could be short-lived. The vote of votes, an aggregate of exit polls, gives 302 seats to the National Democratic Alliance (NDA), led by BJP. (Read more: NDA to form a comfortable government, predict opinion poll) t
- Equities in other Asian markets were shocked by four-month concerns about growing concerns about US-China trade talks.
- MSCI's widest index of Asia-Pacific shares outside Japan was always in early trade but remained close to four-month depression on Friday. It has fallen by around 8 per cent from a nine-month peak reached just over a month ago. Nikkei Japan fell 0.5 per cent.
- In New York, the S&P 500 lost 0.67 per cent and the Nasdaq Composite decreased 1.46 per cent.
- On Monday, the Sensex and Nifty had risen 3.75 per cent and 3.69 per cent respectively to finish on their highlights, registering their biggest one-day increase since September 2013.
(With inputs from Reuters)
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