BSE Sensex rose on Monday, with the NSE index moving close to breaching a key psychological level of 9,000, on hopes the ruling BJP would win the ongoing elections in Uttar Pradesh. The elections are the world’s largest this year and will have a key influence on Prime Minister Narendra Modi’s chances of clinching a second term in 2019. Election results are due out on Saturday.
Sentiment was also boosted as the country moved a step closer towards launching a long-awaited Good and Services Tax from July after a panel of central and state finance officials finalised two key bills to be put before parliament. “The expectation is that the BJP government will come into power in UP, and that is possibly driving the market a little more confident than before,” said Deven Choksey, managing director at KR Choksey Shares and Securities.
Reliance Industries Ltd was the top gainer, rising 4% to its highest since May 2008. Shares in the energy conglomerate have risen 15% since telecom unit Jio said it would start charging for its services in April.
Financial stocks accounted for nearly half of the gains on the NSE index, with State Bank of India and Axis Bank Ltd leading the rise. Shares of SBI and Axis Bank rose up to 1.5% each. Coal India Ltd climbed as much as 2% after unit Central Coalfields approved share buyback of up to Rs1,002 crore according to an exchange filing on Saturday.IT stocks were among the top losers, with Tata Consultancy Services Ltd and Infosys Ltd falling over 1% each, amid lack of clarity over processing of H1B visas in the United States.
12.54pm: BSE Sensex trades higher by 177 points, or 0.61%, to 29,009, while the Nifty 50 rises 50 points, or 0.57%, to 8,948. Reliance Industries shares rise 3.71% to trade at Rs1,305.20.
12.00: BSE Sensex trades higher by 164 points, or 0.57%, to 29,997, while the Nifty 50 rises 49 points, or 0.55%, to 8,946. Reliance Industries Ltd shares rise 3.48% to trade at Rs1,302.20.
10.23am: BSE Sensex trades higher by 188 points, or 0.65%, to 29,021, while the Nifty 50 rises 56 points, or 0.63%, to 8,953.
10.00am: Reliance Industries Ltd shares rise 3.4% to Rs 1301.05 a share. Last time it crossed Rs 1300-mark on 23 May 2008. Since 13 Feb, the stock is up 26.5%. According to a Bloomberg report, around 1.65 million shares of the company changed hands in a block deal. However, details of the buyers and sellers were not known.
9.55am: Auto stocks trade higher. Maruti Suzuki India Ltd shares rise 1.3%, Mahindra & Mahindra Ltd 1.3%, Tata Motors Ltd 1.1%, Bajaj Auto 1%, Hero MotoCorp Ltd 0.8%.
9.50am: Coal India Ltd shares rise 1.5% to Rs 326.40 after the company on Saturday said its arm Central Coalfields has approved a share buyback plan worth Rs 1,001.88 crore.
9.45am: Gokul Agro Resources Ltd shares jump 15% to Rs 29.15 after Securities Exchange Board Of India rejected open offer exemption request from its promoters.
9.40am: JSW Steel Ltd rose 0.6% to Rs 184.85. A consortium led by JSW Steel Ltd are vying to take control of the struggling Ilva steel plant in southern Italy. JSW has submitted a bid along with Cassa Deposit e Prestiti, Italy’s sovereign fund, and Italian steel company Arvedi
9.36am:BSE Sensex trades higher by 202 points, or 0.70%, to 29,036, while the Nifty 50 rises 40 points, or 0.45%, to 8,937.
9.30am: IT stocks trade lower after Nasscom said on Sunday that US’s decision to temporarily suspend the expedited premium processing of H1B visas will lead to process delays for Indian IT firms too, reports PTI. Infosys Ltd fell 1%, Tata Consultancy Services Ltd 1%, Wipro Ltd fell 0.2%.
9.25am: The 10-year bond yield was at 6.768% compared to its Friday ’s close of 6.784%. Bond yields and prices move in opposite directions.
9.20am: IDFC Ltd shares rise 1.1% to Rs 51.75 after the company on Sunday said it will acquire the 25% stake currently held by Natixis Global Asset Management in IDFC Asset Management Co. Ltd and IDFC AMC Trustee Co. Ltd for Rs244.24 crore, through IDFC Financial Holding Co. Ltd.
9.15am: The local currency opened at 66.77 a dollar. At 9.15am, the home currency was trading at 66.76, up 0.07% from its Friday close of 66.81.
9.10am: Bharti Airtel Ltd rose 2% to Rs 359.35 after the company said it will issue five shares ot Telenor Communications.
9.00am: Asian currencies were trading stronger. Taiwan dollar was up 0.24%, Japanese yen 0.2%, Indonesian rupiah 0.17%, China renminbi 0.14%, China offshore 0.08%, Malaysian ringgit 0.05% and South Korean won 0.05%. However, Thai baht was down 0.1%.
With inputs from Reuters
