Both Nifty and Sensex surged to their second consecutive record high as blue-chips such as Larsen & Toubro jumped on rising hopes that exit polls would show the Bharatiya Janata Party and its allies winning a majority in the elections. After scaling all-time closing highs in previous session, Indian equity benchmarks extended their jubilation with bull taking full control over the session ahead of exit poll results. Sentiments remained up-beat since beginning, as key bourses made a decent start and there appeared not even an iota of profit booking in the session with benchmarks fervently gaining strength to strength as investors continued hunt for fundamentally strong stocks.
Frontline indices not only extended their rally for third straight day but also recorded their fresh all time closing high which they had witnessed never before, settling comfortably above their crucial 7,000 (Nifty) and 23,500 (Sensex) bastions as sentiments remained sanguine at the prospect of a Narendra Modi-led, stable government after May 16. The exit polls are expected to trickle in post 6:30 pm today. Some support also came after India’s trade deficit contracted to $10.01 billion in April as compared to $10.51 billion in the previous month and $17.67 billion reported in the corresponding month of the previous year. Further, FIIs remaining net buyers in Indian equities and buying shares worth a net Rs 1268.78 crore in the previous session, too aided the sentiments. Though, investors remained little cautious ahead of Consumer Price Inflation (CPI) data and Industrial Production data due later in the session, the latest one’s before the RBI’s next monetary policy on June 3. While, CPI is estimated to have quickened to 8.48 per cent in April from 8.31 per cent in March, factory output in March probably contracted for the fifth time in six months.
Back home, there was broad based buying witnessed in the markets and apart from the blue chips, the broader markets too participated in the rally. Meanwhile, public sector oil marketing companies (OMCs) viz. BPCL, HPCL and IOC all edged higher on report of hiking diesel prices within 24 hours.
Broader markets too traded with traction and ended the session with gain of over half a percent. The market breadth remained in favour of decliners, as there were 1,408 shares on the gaining side against 1,440 shares on the losing side while 165 shares remain unchanged.
Finally, Sensex rushed by 556.77 points or 2.42%, to 23551.00, while the CNX Nifty surged by 155.45 points or 2.27% to 7,014.25.
The top gainers on the Sensex were Coal India up by 7.04%, HDFC Bank up by 4.59%, Tata Motors up by 4.09%,Hero MotoCorp up by 4.01% and Maruti Suzuki up by 3.99%. While Sun Pharma down by 1.73%, Cipla down by 1.26%, Hindalco Inds down by 0.52%, Wipro down by 0.14% and TCS down by 0.07% were the only losers in the index.
On the BSE Sectoral front, PSU up by 3.18%, Oil & Gas up by 3.07%, Power up by 2.98%, Auto up by 2.88% and Capital Goods up by 2.78% were the top gainers, while Healthcare down by 0.81% was the only loser in the space.
Globally, Dow and NASDAQ futures started on a mixed note at this evening. SGX Nifty was trading positive at this evening.
TECHNICAL PARAMETERS OF NIFTY:
RSI was at 73, MACD positive above signal line; India VIX was at 37~ which all Indicate that market are in down trend for immediate short term. Today, Nifty closed above all of its 5DMA (6780), 20 DMA (6764), 50 DMA (6608), 200 DMA (6157) which all indicate that market is in strong bull run with huge fund flow from FIIs and Traders.
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