Share Market LIVE: Sensex zooms over 1200 pts, Nifty above 16,750 ahead of election results

Good morning!

The over one-month-long election season will come to an end today as the results for Assembly elections held in five states -- Uttar Pradesh, Punjab, Uttarakhand, Manipur and Goa -- will be declared.

While the political parties will eagerly await the results for all five states, the market and the country will closely watch the results of the politically-important state of Uttar Pradesh which sends the highest number of MPs (80) to the Parliament.

On Wednesday, the benchmark indices ended trading sharply higher amid gains in index heavyweight Reliance Industries and HDFC twins as investors looked at diplomatic efforts to end Russia's attack on Ukraine.
 
The 30-share BSE Sensex opened in the green and further jumped 1,469.64 points or 2.75 per cent to 54,893.73 during the day. It finally settled at 54,647.33, higher by 1,223.24 points or 2.29 per cent.

What's next? Here's a look at the latest updates of the market today!

9:16 am: Market opening

Sensex zoomed over 1200 points to 55,854.96 and Nifty also jumped over points to 16,757  ahead of election results.

9:00 am: Pre-market comment by Mohit Nigam, Head - PMS, Hem Securities

Indian equity benchmarks are projected to follow suit and open higher, owing to generally favourable global markets and SGX Nifty inclinations. The escalation of the Russia-Ukraine conflict, as well as the harsh sanctions imposed by Western countries on Russia, may cause trepidation. 

There were concerns about international energy supplies after US President Joe Biden placed a ban on Russian oil, liquefied natural gas, and coal imports. Oil prices plummeted by more than 12% after Ukraine and Russia resumed diplomatic talks, and the United Arab Emirates stated it supports raising oil output to calm the markets. 

The outcome of the Uttar Pradesh election will be widely watched by markets because it will set the tone for how the ruling Bharatiya Janata Party approaches and prepares for the general elections in 2024. The Indian rupee finished much stronger as a result of increased dumping of American currency by banks and exporters. 

In addition, a reduction in crude oil prices and a rebound in local equities aided the rupee. The market is showing signs of vigour, with buyers snapping up stocks at bargain prices.
 

8:45 am: Elections 2022: Counting of votes begins in UP, 4 other states

The counting of votes in Uttar Pradesh, Uttarakhand, Punjab, Manipur and Goa began at 8 am on Thursday. Elaborate security arrangements have been put in place for the counting of votes in these states whereas the police have been deployed in sensitive areas. 
 
Elections in Uttar Pradesh are being keenly watched by both voters and experts as Prime Minister Narendra Modi is an MP from Varanasi. Uttar Pradesh also sends the highest number of MPs –80—to the Parliament. 

Early trends show a lead for the Bharatiya Janata Party (BJP) in Uttar Pradesh and Goa whereas the early trends for Uttarakhand show a lead for the Harish Rawat-led Congress.  

8:40 am: Global Updates

US stocks surged on Wednesday, led by financial and tech shares, rebounding from several down days as oil prices pulled back sharply after fanning inflationary fears and investors gauged developments in the Ukraine crisis. The S&P 500 posted its biggest one-day percentage gain since June 2020, while the Nasdaq tallied its biggest rise since March 2021.

The Dow Jones Industrial Average rose 653.61 points, or 2 percent, to 33,286.25, the S&P 500 gained 107.18 points, or 2.57 percent, to 4,277.88 and the Nasdaq Composite added 460.00 points, or 3.59 percent, to 13,255.55.

Shares in Asia-Pacific rose in Thursday morning trade, following an overnight bounce on Wall Street after oil prices fell sharply from a recent surge. The Nikkei 225 in Japan jumped 3.34 percent, while the Topix index climbed 3.46 percent. The Hang Seng index in Hong Kong advanced 1.26 percent.

8:30 am: SGX Nifty

The Indian equity market is likely to open higher as SGX Nifty was trading 31 points higher at 16,630.

The Singapore Stock Exchange is considered to be the first indication of the opening of the Indian market.

8:15 am: Market on Wednesday

On Wednesday, the benchmark indices ended trading sharply higher amid gains in index heavyweight Reliance Industries and HDFC twins as investors looked at diplomatic efforts to end Russia's attack on Ukraine.
 
The 30-share BSE Sensex opened in the green and further jumped 1,469.64 points or 2.75 per cent to 54,893.73 during the day. It finally settled at 54,647.33, higher by 1,223.24 points or 2.29 per cent.

Asian Paints, Reliance Industries, Bajaj Finance and IndusInd Bank were the top Sensex gainers, rising up to 5.56 per cent. Power Grid, NTPC, Tata Steel and Nestle India were the only losers, declining up to 1.89 per cent.

BSE mid-cap and small-cap indices gained 530 points and 561 points, respectively. On the sectoral front, banking shares were the top gainers with the BSE bankex rising 669 points to 38,720.

Consumer durables and capital goods shares also gained with their BSE indices rising 652 points and 526 points, respectively.

BSE auto index too zoomed 637 points to 22,439. The market breadth was positive with 2,657 shares ending higher against 684 stocks in the red. 94 shares were unchanged.

Market cap of BSE-listed firms rose to Rs 248.34 lakh crore against Rs 243.70 lakh crore market cap in the previous session.