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Markets surged in afternoon session this Wednesday after Congress-led UPA government emerged as a clear winner in the crucial Karnataka assembly, thereby ending political uncertainty.
At 1PM, the Bombay Stock Exchange's 30-share index Sensex rose 68 points at 19,956.64 while the National Stock Exchange's 50-share Nifty gained 12 points at 6,055.
As per the preliminary data, the Congress is leading in 117 constituencies while ruling party BJP is leading in 36. The JDS is leading in 41 assembly constituencies. Karnataka Janata Party, lead by former chief minister B S Yeddyurappa, is leading in about 9 seats.
Karnataka Assembly has 224 seats, however the election in Periyapatna in Mysore was countermanded following the death of BJP candidate and had been put off to May 28.
Meanwhile, global risk appetite was firm after a report showed that the US employment rose at better-than-expected pace in April coupled with robust German industrial data.
Asian markets traded higher with Hong Kong’s Hang Seng rising 0.8% to 23,233.83, China’s Shanghai Composite rose 0.5% to 2,246, Singapore’s Straits Times rose 1% to 3,418 while Japan’s Nikkei surged 0.7% to 14,285 today.
Meanwhile, European markets gained in opening deals. France’s CAC added 0.1% to 3,927, UK’s FTSE rose 0.02% to 6,558 while Germany’s DAX was up 0.01% to 8,183.
Back home, the key sectoral indices such as FMCG, IT, healthcare gained while capital goods, power, metal, bankex sectors declined on the BSE.
The gainers on the Sensex included, HDFC and HDFC Bank gained 2% and 1% respectively, Tata Motors added 1.8%, HUL and ITC rose 1.4% on the BSE.
The laggards included counters such as Coal India declined 1.6%, Mahindra and Mahindra fell 1.2%, Wipro dropped 1% on the BSE.
The key notable movers included, Brigade Enterprises has surged 11% to Rs 80.85 after reporting almost four-fold jump in net profit at Rs 28.39 crore for the quarter ended March 31, 2013 (Q4), on back of impressive growth in operational income. The real estate developer had profit of Rs 8.03 crore in a year ago quarter.
Lupin is trading higher by around 3% to Rs 734, also its record high on NSE, ahead of fourth quarter (January-March) earnings.
The broader markets gained with mid-caps and small-caps rising nearly 0.3% on the BSE.
The market breadth was positive. Out of 1,962 stocks traded, 940 stocks advanced compared to 926 declines on the BSE.
