INSUBCONTINENT EXCLUSIVE:
Gains in today's session were led by banking and financial sector heavyweights.Indian equity benchmarks extended gains and the SP BSE
Sensex surged over 500 points and NSE Nifty 50 Index climbed above psychological level of 11,400 ahead of exit polls due after the last
phase of voting for general elections on May 19
Equity markets rose sharply in today's session on anticipation of good news among the market participants on the election front, analysts
Gains in today's session were led by banking and financial sector heavyweights like HDF Bank, HDFC, Kotak Mahindra Bank and ICICI Bank.For
the week, Sensex advanced 1.25 per cent and the Nifty 50 Index rose 1.14 per cent
During the week, benchmarks witnessed heightened volatility as the India VIX, the gauge to measure volatility in the markets on the NSE,
The Sensex and Nifty had two days of negative closing and three days of positive closing with Friday being the best day for the Indian
benchmarks in three-and-a-half months."Market has gained in anticipation of good news on the election front
However, the reality is different from exit polls investors should wait till May 23 before making big bets," AK Prabhakar, head of research
at IDBI Capital told TheIndianSubcontinent."Situation in financial markets is not such that it will give good returns even if BJP comes with
majority the problems in markets so big that it will not be easy for the government to manage
After one month of results the markets might see a correction," Mr Prabhakar added.The Sensex surged 537 points or 1.44 per cent to close at
37,931 and the NSE Nifty 50 Index advanced 150 points or 1.33 per cent to end at 11,407.Fifteen of 19 sector gauges compiled by BSE ended
higher led by the SP BSE Auto Index's 2.45 per cent gain
Banking, Finance and FMCG shares also witnessed good buying interest as the respective sector gauges climbed above 2 per cent each.On the
flipside, information technology, healthcare and metal shares witnessed selling pressure with SP BSE Healthcare Index being the top loser
after it fell 1 per cent.Mid- and small-cap shares also witnessed buying interest as the SP BSE MidCap Index advanced 1 per cent and the SP
BSE SmallCap Index rose 0.51 per cent.Zee Entertainment was top gainer in the Nifty 50 basket of shares, the stock rose 8.32 per cent to Rs
Bajaj Finance, Bajaj Finserv, Maruti Suzuki, Hero MotoCorp, Kotak Mahindra Bank and Bajaj Auto also rose between 3.7 and 6 per cent each.On
the other hand, Dr Reddy's Labs was top loser, the stock fell 2.72 per cent to Rs 2,724 after its profit declined 10.46 per cent
sequentially to Rs 434 crore.Yes Bank, Indian Oil, Vedanta, Hindalco, Cipla, Adani Ports and Infosys were also among the laggards.The
overall market breadth was positive as 1,401 shares ended higher while 1,115 shares ended lower.Get the latest election news, live updates
and election schedule for Lok Sabha Elections 2019 on TheIndianSubcontinent.com/elections
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Election results will be out on May 23.
