 "Hope rally continues; Banks, Cap goods lead")
With the results of exit polls showing the Bharatiya Janata Party (BJP) having an edge over the Congress in the five Assembly elections held in November and December, markets opened with a gap-up on Thursday. Wednesday’s polls in the Delhi, culminates the election process in the five states with results slated for Sunday (December 8).
At 11:28am, the 30-share Sensex index of the Bombay Stock Exchange (BSE) is currently trading at 21,063 up 357 points and the broader 50-share National Stock Exchange (NSE) Nifty was trading at 6273 up 112 points.
New Delhi constituency surprisingly recorded the highest voter turnout well above 70 per cent.
If exit polls are anything to go by, the Bharatiya Janata Party (BJP) is likely to come to power in at least three — Rajasthan, Madhya Pradesh, Chhattisgarh — of the five states where Assembly elections have just ended, leaving the Congress huffing and puffing to reach the victory mark in Mizoram alone.
For Delhi, the polls on Wednesday veered between a hung House prediction and a slim majority for BJP. No poll saw the Congress even close to returning to power in the capital.
According to the exit polls, the Aam Aadmi Party (AAP), contesting its maiden election, may win between 6 and 31 seats in the 70-member Delhi House.
In the broader markets, the mid and smallcap indices added on to its gains, up nearly 1% each.
As a word of caution, retaining stable outlook on India's lowest investment rating, Moody's Investors Service has warned that the economy's grades could be downgraded if the government adopts policies that harm fiscal and growth scenario. Besides, the ratings could also be lowered if forex reserves decline significantly, public sector banks asset quality deteriorates and high inflation persists.
The rupee gained, reaching its strongest level against the dollar in a month as exit polls predicted a strong showing for the key opposition party in state elections.
The rupee jumped to a high of 61.62 against the dollar, its strongest level since November 5. It was last trading at 61.76/77 compared to its 62.05/06 close on Wednesday.
Banking index continue to remain the top gainers with ICICI Bank, HDFC Bank and SBI up 3-6%.
Health Care index down 0.04% was the only index in the negative.
The only losers among the Sensex-30 were Dr Reddys Lab down 0.6%, Sun Pharma and Wipro down 0.2% each.
Among other stocks, Pfizer, Wyeth tumbled 15-21% on turning ex-dividend.
Ceat was down 5% in an otherwise firm market after touching an all time high.
The market breadth continues to remain very positive. 1175 stocks advanced while 545 stocks declined on the BSE.
At 11:28am, the 30-share Sensex index of the Bombay Stock Exchange (BSE) is currently trading at 21,063 up 357 points and the broader 50-share National Stock Exchange (NSE) Nifty was trading at 6273 up 112 points.
New Delhi constituency surprisingly recorded the highest voter turnout well above 70 per cent.
If exit polls are anything to go by, the Bharatiya Janata Party (BJP) is likely to come to power in at least three — Rajasthan, Madhya Pradesh, Chhattisgarh — of the five states where Assembly elections have just ended, leaving the Congress huffing and puffing to reach the victory mark in Mizoram alone.
For Delhi, the polls on Wednesday veered between a hung House prediction and a slim majority for BJP. No poll saw the Congress even close to returning to power in the capital.
According to the exit polls, the Aam Aadmi Party (AAP), contesting its maiden election, may win between 6 and 31 seats in the 70-member Delhi House.
In the broader markets, the mid and smallcap indices added on to its gains, up nearly 1% each.
As a word of caution, retaining stable outlook on India's lowest investment rating, Moody's Investors Service has warned that the economy's grades could be downgraded if the government adopts policies that harm fiscal and growth scenario. Besides, the ratings could also be lowered if forex reserves decline significantly, public sector banks asset quality deteriorates and high inflation persists.
The rupee gained, reaching its strongest level against the dollar in a month as exit polls predicted a strong showing for the key opposition party in state elections.
The rupee jumped to a high of 61.62 against the dollar, its strongest level since November 5. It was last trading at 61.76/77 compared to its 62.05/06 close on Wednesday.
Banking index continue to remain the top gainers with ICICI Bank, HDFC Bank and SBI up 3-6%.
Health Care index down 0.04% was the only index in the negative.
The only losers among the Sensex-30 were Dr Reddys Lab down 0.6%, Sun Pharma and Wipro down 0.2% each.
Among other stocks, Pfizer, Wyeth tumbled 15-21% on turning ex-dividend.
Ceat was down 5% in an otherwise firm market after touching an all time high.
The market breadth continues to remain very positive. 1175 stocks advanced while 545 stocks declined on the BSE.