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Sensex, Nifty scale record high

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Key indices were trading on a strong note as election results showed the Narendra Modi-led NDA leading in early trends. At 9:19 IST, the barometer index, the S&P BSE Sensex, was up 568.94 points or 1.45% at 39,679.15. The Nifty 50 index was up 133.05 points or 1.13% at 11,870.95. The Sensex and the Nifty, both, scaled record high in early trade.

Investors are closely watching results of Lok Sabha polls scheduled to be announced today, 23 May 2019. 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 S&P BSE Mid-Cap index was up 1.12%. The S&P BSE Small-Cap index was up 1.21%. Both these indices underperformed the Sensex.

The market breadth, indicating the overall health of the market, was strong. On the BSE, 939 shares rose and 138 shares fell. A total of 27 shares were unchanged.

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.

Back home, HDFC Bank rose 1.24%. HDFC Bank said that its board approved sub-division of one equity share of face value of Rs 2 each to two equity shares of face value of Re 1 each. The announcement was made after market hours yesterday, 22 May 2019.

Bank of Baroda gained 4.56%. Bank of Baroda reported net loss of Rs 991.37 crore in Q4 March 2019 compared with net loss of Rs 3102.34 crore in Q4 March 2018. Total income rose 20.02% to Rs 15284.59 crore in Q4 March 2019 over in Q4 March 2018. The result was announced after market hours yesterday, 22 May 2019.

Wipro rose 0.44%. Wipro announced that it has developed a blockchain-based payment solution for Travacoin, a company specializing in an eponymous digital payment solution. Travacoin is a digital payment system which enables airlines to refund and compensate passengers in a timely manner when a disruption occurs. The announcement was made after market hours yesterday, 22 May 2019.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, May 23 2019. 09:26 IST