Market extends gains

Stocks extended early gains after election trends showed that Narendra Modi-led NDA is leading in over 300 seats. At 10:22 IST, the barometer index, the S&P BSE Sensex, was up 820.16 points or 2.1% at 39,930.37. The Nifty 50 index was up 233.55 points or 1.99% at 11,971.45. The Sensex and the Nifty, both, scaled fresh record high in morning trade.

Key indices were trading on a strong note as election results showed the Narendra Modi-led NDA leading in early trends.

Investors are closely watching results of Lok Sabha 2019 polls. Counting is votes is underway today, 23 May 2019. Latest trends showed that NDA is leading in 343 seats, while UPA is leading in 93 seats.

Most exit polls had predicted that Narendra Modi-led NDA will return to power for a second term. The 2019 polls, held from April 11 to May 19, will decide which party presides over the 17th Lok Sabha. Elections were held for 542 seats. A party or coalition needs 272 seats in parliament to form a government.

The 2014 elections brought Narendra Modi to power with a thunderous majority of 336 seats to the BJP-led National Democratic Alliance (NDA). The Congress-led United Progressive Alliance (UPA) won 60 seats. The remaining 147 seats were claimed by others.

The S&P BSE Mid-Cap index was up 1.76%. The S&P BSE Small-Cap index was up 1.48%. Both these indices underperformed the Sensex.

The market breadth, indicating the overall health of the market, was strong. On the BSE, 1402 shares rose and 444 shares fell. A total of 81 shares were unchanged.

Yes Bank (up 7.95%), IndusInd Bank (up 7.12%), State Bank of India (up 6.23%), L&T (up 5.67%) and ICICI Bank (up 4.54%) edged higher from the Sensex pack.

Vedanta (down 0.81%), TCS (down 0.44%), Sun Pharmaceutical Industries (down 0.42%), Bajaj Auto (down 0.23%) and ITC (down 0.1%) edged lower from the Sensex pack.

Vaibhav Global rose 4.5%. Vaibhav Global said that its board is scheduled to meet on 30 May 2019, to consider proposal for buyback of fully paid-up equity shares of the company. The announcement was made after market hours yesterday, 22 May 2019.

Eclerx Services rose 1.16%. Eclerx Services announced that its buyback will open on 31 May 2019 and will close on 14 June 2019. The announcement was made after market hours yesterday, 22 May 2019.

Overseas, Asian stocks fell on Thursday with the unfolding deterioration in Sino-US relations again giving investors little reason for cheer.

US stocks fell on Wednesday with the release of the minutes from the Federal Reserve's most recent policy meeting doing little to perk up equities.

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