We had mentioned in Wednesday’s closing report that Nifty, Sensex await poll results. The major indices of the Indian stock markets rallied on Thursday morning but soon corrected and closed with losses. On the NSE, there were 810 advances, 920 declines and 367 unchanged. The trends of the major indices in the course of Thursday’s trading are given in the table below:
Taking a cue from the initial trend of the Lok Sabha polls verdict which indicated the BJP-led NDA candidates as leading, the Indian equity market indices opened sharply higher on Thursday. Later during the afternoon, the Sensex began retreating after it surpassed the 40,000 mark within minutes into the day’s trade. The Nifty also fell by 86.05 points or 0.73% to 11,651.85.
The market will remain range-bound and will be more driven by external events because there is no domestic events immediately on the horizon. On Thursday, Asian indices were showing a negative trend. Japan's Nikkei 225 was quoting in red, down by 0.62% while Hang Seng was down by 1.58%. Shanghai Composite was down by 1.36%. The US futures were trading deeply in the red.
Reliance Capital Ltd (RCAP) on Thursday said it has signed binding definitive agreements with Nippon Life Insurance of Japan to exit its stake in Reliance Nippon Life Asset Management Ltd (RNAM). In a statement to IANS, RCAP said it will receive approximately Rs6,000 crore as sale consideration for its stakes in RNAM. Both partners currently hold 42.88% each in the company, while the rest is held by public shareholders.
Shares of Adani Group companies surged up to 14% intra-day on the BSE on Thursday as trends showed the Narendra Modi-led National Democratic Alliance (NDA) leading the vote counts for the 2019 Lok Sabha election. Adani Group stocks have historically performed well whenever the BJP government has tasted victory because of the perception that the group Chief Gautam Adani is close to Modi. Adani Ports today announced that it has signed an agreement to develop and operate a container terminal at Yangon Port in Myanmar.
The board of Sintex Industries at its meeting held on 22 May 2019 approved the disinvestment in BVM Overseas upto 24.99% for the purpose of raising resources for long term working capital requirement and accordingly BVM Overseas will cease to be a wholly owned subsidiary and will remain a subsidiary.
The top gainers and top losers of the major indices are given in the table below:
The closing values of the major Asian indices are given in the table below: