Markets trade firm as NDA makes clean sweep
(Fri, 16 May 12:00 pm)
It is now evident that
BJP led alliance will form the next government. The euphoria seems to be settling down as the markets have traded firm in the last hour. The BSE Sensex is trading up 869 points and the NSE-Nifty is trading up 271 points. The BSE Mid Cap index is trading up 2.07%, while the BSE Small Cap index is trading up 0.72% today. The rupee is trading at 58.8 to the US dollar. Banking stocks continue to lead the markets. Stocks such as ICICI Bank, State Bank of India are leading the momentum. Almost all the sectors depended on economic reforms such as Realty, Capital Goods and Oil & Gas are performing well. Exchange rate sensitive Healthcare and IT stocks have failed to join the Bull Run. Major stocks such as Sun Pharmaceuticals, Dr. Reddy's Laboratories, Infosys and TCS are trading down today. We envisage portfolio shuffle in favour of Power and Capital Goods stocks as a stable government is likely to tackle the policy paralysis that has been plaguing these sectors. However, we would like to mention again that investors should maintain a diversified portfolio and should not participate in market frenzy without studying the fundamentals and business prospects of stocks.
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