Dalal Street seem to be on steroids, ahead of exit polls. Bulls have already uncorked the champagne as the market hit new all-time highs in trade today on election results cracker. The Nifty, Sensex, Bank Nifty ended on Friday record closing highs. Nifty ended above 6800 for first time ever at, Nifty was up 198.95 points or 2.99 percent at 6858.80. Nifty hit intra-day record high of 6871.35. Sensex hit intra-day record high of 23,048, and shut up 650.19 points or 2.91 percent at 22994.23.
Bank Nifty hit intra-day record high of 13,814.25. Barring Pharma, all indices ended trade in the green. About 1593 shares have advanced, 1144 shares declined, and 142 shares are unchanged. Amidst the sudden surge, the India volatility index has also hit a 31-month high. The bulls are now betting big on a stable government led by the NDA with Narendra Modi as the new PM of India. Punita Kumar Sinha, Managing Partner, Pacific Paradigm Advisors feels the market is factoring in an NDA victory but the amount of seats may not be fully factored in. Ambreesh Baliga of Edelweiss was expecting the market rally to start early next week till May 15-16.
Hence he suggests people to utilise this last leg possibly to book out to a certain extent because May 16 is going to be an uncertain event. "We don’t know as to which way it could go. So it is better to have a bit of liquidity in the portfolio," he says. Gautam Chhaochharia of UBS Securities sees the Nifty hitting 7,800 if poll result meets market’s expectations. On the flip side, in a hung parliament scenario, he cautions of 5,800-6,100 downside. “In an uncertain scenario, market could come off sharply,” he tells CNBC-TV18 in an interview. He believes that 6,900 level is the fair value for the Nifty. Stock action In a surprisingly action-packed day, banks were clear favourites of buyers. The Bank Nifty surged over 5 percent, a record high for the index which last hit its highest level in January 2008.
ICICI Bank reached highest level since January 2008. HDFC twins, SBI, ICICI Bank and Axis Bank gained 4-5 percent. Reliance Industries ended at 41-month closing high. It got a relief from High Court in the Kejriwal gas battle. Tata Power, Hindalco and BHEL were other major gainers in the Sensex. However, pharma stocks sulked in a rallying market. Dr Reddy's Labs, Sun Pharma and TCS were losers in the Sensex. Ranbaxy's net sales during Q4, 2013-14 grew marginally by 1.03 per cent to Rs 2,436.1 crore, as against Rs 2,411.1 crore in the year-ago period. During the quarter, the company recorded inventory and other costs write-off and goodwill impairment write-off of Rs 15.9 crore and Rs 43.8 crore respectively. Meanwhile, Wonderla IPO debuted on the bourses today.
The Bangalore-based amusement park company debuted at the bourses at Rs 164.75 per share. It touched day’s high of Rs 170 in early trade, up 36 percent over its issue price of Rs 125.
Bank Nifty hit intra-day record high of 13,814.25. Barring Pharma, all indices ended trade in the green. About 1593 shares have advanced, 1144 shares declined, and 142 shares are unchanged. Amidst the sudden surge, the India volatility index has also hit a 31-month high. The bulls are now betting big on a stable government led by the NDA with Narendra Modi as the new PM of India. Punita Kumar Sinha, Managing Partner, Pacific Paradigm Advisors feels the market is factoring in an NDA victory but the amount of seats may not be fully factored in. Ambreesh Baliga of Edelweiss was expecting the market rally to start early next week till May 15-16.
Hence he suggests people to utilise this last leg possibly to book out to a certain extent because May 16 is going to be an uncertain event. "We don’t know as to which way it could go. So it is better to have a bit of liquidity in the portfolio," he says. Gautam Chhaochharia of UBS Securities sees the Nifty hitting 7,800 if poll result meets market’s expectations. On the flip side, in a hung parliament scenario, he cautions of 5,800-6,100 downside. “In an uncertain scenario, market could come off sharply,” he tells CNBC-TV18 in an interview. He believes that 6,900 level is the fair value for the Nifty. Stock action In a surprisingly action-packed day, banks were clear favourites of buyers. The Bank Nifty surged over 5 percent, a record high for the index which last hit its highest level in January 2008.
ICICI Bank reached highest level since January 2008. HDFC twins, SBI, ICICI Bank and Axis Bank gained 4-5 percent. Reliance Industries ended at 41-month closing high. It got a relief from High Court in the Kejriwal gas battle. Tata Power, Hindalco and BHEL were other major gainers in the Sensex. However, pharma stocks sulked in a rallying market. Dr Reddy's Labs, Sun Pharma and TCS were losers in the Sensex. Ranbaxy's net sales during Q4, 2013-14 grew marginally by 1.03 per cent to Rs 2,436.1 crore, as against Rs 2,411.1 crore in the year-ago period. During the quarter, the company recorded inventory and other costs write-off and goodwill impairment write-off of Rs 15.9 crore and Rs 43.8 crore respectively. Meanwhile, Wonderla IPO debuted on the bourses today.
The Bangalore-based amusement park company debuted at the bourses at Rs 164.75 per share. It touched day’s high of Rs 170 in early trade, up 36 percent over its issue price of Rs 125.
