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Modi's Return to Power, Sensex Hitting 40,000-Mark and Top Stocks in Action
Fri, 24 May Pre-Open | Rini Mehta, TM Team

The Indian share markets slipped into the red with Sensex tumbling over 1,000 points from its intraday high as investors booked profits at higher levels that saw Sensex and Nifty hitting 40,000 and 12,000 levels, respectively.

The optimism came over the National Democratic Alliance (NDA's) return to power after the 2019 Lok Sabha election.

In the last hour of the day's trading session, the S&P BSE Sensex had slipped almost 300 points to trade around 38,810 levels, with Vedanta, ITC, HDFC Bank, Tata Motors, and Bajaj Finance dragging the indices down. The Nifty50 index was hovering around 11,650 levels, down 81 points.

While the Indian stock market has given a big thumbs up to the re-election of the Modi government, what does this mean for the market going forward? And how can one play markets post elections?

Tanushree Banerjee answers these questions in the latest edition of The 5 Minute WrapUp. You can read the entire article here: My Top 7 Stocks to Buy as Modi Returns to Power

Also, with Sensex touching the 40,000 mark, does Sensex 1,00,000 sound outrageous from where we are right now?

History indicates a healthy rise in Sensex post elections. In the three elections prior to this, we have seen a government come back to power, and change hands but the Sensex has moved one way i.e. upwards.

Top Stocks in Focus

Thermax share price will be in focus as it reported a rise of 31.5% in its net profit at Rs 1.1 billion for the quarter ended March 2019 as compared to Rs 0.9 billion for the same quarter in the previous year.

Zydus Cadila has received the final approval from the United States Food & Drug Administration (USFDA) to market Esomeprazole Magnesium Delayed-Release Capsules USP (US RLD- NEXIUM), 25 mg and 40 mg. Cadila Healthcare will be watched out today.

NMDC reported 2.9 million tonne (MT) of iron ore production and logged sales volume of 2.7 MT up to the month of April 2019.

Ramco Cements reported a rise of 52.3% in its net profit at Rs 1.7 billion for the fourth quarter ended March 2019 as compared to Rs 1.1 billion for the same quarter in the previous year.

Sintex Industries has received an approval for the disinvestment in BVM Overseas up to 24.99% for the purpose of raising resources for long term working capital requirement and accordingly BVM Overseas will cease to be a Wholly Owned Subsidiary Company and will remain a Subsidiary of the Company.

Reliance Capital has signed binding definitive agreements with Nippon Life Insurance of Japan to exit its stake in Reliance Nippon Life Asset Management. Both partners currently hold 42.9% each in the company, while the rest is with public shareholders.

To know what's moving the Indian stock markets today, check out the most recent share market updates here.

Results Corner

Market participants will track Ashok Leyland, Bata India, Birlasoft, Dishtv, IDFC, JSw Steel, Rolta India, Whirlpool among others as they announce their March quarter results today.

Domestic Air Passenger Volume falls in April

The domestic air passenger count fell 4.5% in the month of April 2019.

According to the DGCA data, domestic airlines flew 110 lakh passengers in April 2019, as against 115.1 lakh passengers carried in the same month of last year.

However, passengers carried by domestic airlines during January-April 2019 were 464.5 lakh as against 453 lakhs during the corresponding period of previous year, registering a growth of 2.5%.

In terms of passenger load factor (PLF), SpiceJet was leading among all with 93.7% PLF during the month of April 2019, followed by Go Air (90.8%), IndiGo (87.8%), Vistara (84.6%) and Air Asia (84.4%).

The passenger load factor in the month of April 2019 has shown decreasing trend compared to previous month due to end of vacation period of various sectors.

Global Stock Market Drivers

US equity futures and European stocks tracked a slide in Asian shares on Thursday as trade tensions between the world's two largest economies showed little sign of easing. Treasuries climbed with the dollar.

The pound extended its decline against the euro to a record 14th day amid a growing revolt over Brexit that looks increasingly likely to force Theresa May from power. The common currency dipped against the dollar as measures of German business confidence and euro-area output missed expectations, and as voting got underway in European elections.

Here are some notable events to look forward to:

  • The European Parliament holds continent-wide elections May 23-26.
  • The European Central Bank publishes its account of the April monetary policy decision.

Oil Prices Fall

Oil prices dropped by around 1% on Thursday, extending falls from the previous session amid surging US crude inventories and weak demand from refineries.

Brent crude futures, the international benchmark for oil prices, were at US$70.36 per barrel, down 0.9% from their last close.

US West Texas Intermediate (WTI) crude futures were down by 51 cents, or 0.8%, at US$60.91 per barrel.

Crude futures already fell by around 2% the previous day.

US crude oil inventories rose last week, hitting their highest levels since July 2017, due to weak refinery demand, the Energy Information Administration said on Wednesday.

Commercial US crude inventories rose by 4.7 million barrels in the week ended May 17, to 476.8 million barrels, their highest since July 2017, the EIA data showed.

Beyond weak refinery demand for feedstock crude oil, the increase in commercial inventories also came on the back of planned sales of US strategic petroleum reserves (SPR) into the commercial market.

US crude oil production climbed by 100,000 barrels per day (bpd) to 12.2 million bpd, putting output near its record of 12.3 million bpd reached late last month.

For information on how to pick stocks that have the potential to deliver big returns, download our special report now!

Read the latest Market Commentary

Equitymaster requests your view! Post a comment on "Modi's Return to Power, Sensex Hitting 40,000-Mark and Top Stocks in Action". Click here!

1 Responses to "Modi's Return to Power, Sensex Hitting 40,000-Mark and Top Stocks in Action"

Nikhil H Shah

May 24, 2019

It is not NDA government but NDM - Narendra Damodardas Modi government! It is good not to bow to alliance partners.

Equitymaster requests your view! Post a comment on "Modi's Return to Power, Sensex Hitting 40,000-Mark and Top Stocks in Action". Click here!

Stock Market Updates

Sensex Ends 228 Points Higher; Metal and Energy Stocks Witness Buying (Today's Market)

Aug 23, 2019 Closing

While the BSE Sensex closed higher by 228 points, NSE Nifty closed higher by 88 points.

INFO EDGE Plunges by 5%; BSE IT Index Up 1.1% (Today's Market)

Aug 23, 2019 03:26 PM

INFO EDGE share price has plunged by 5% and its current market price is Rs 2,019. The BSE IT is up by 1.1%. The top gainers in the BSE IT Index are TATA ELXSI (up 7.2%) and ORACLE FINANCIAL (up 4.2%). The top losers are INFO EDGE (down 5.4%) and PERSISTENT SYSTEMS (down 5.3%).

ESCORTS LIMITED Surges by 5%; BSE AUTO Index Up 1.5% (Today's Market)

Aug 23, 2019 03:20 PM

ESCORTS LIMITED share price has surged by 5% and its current market price is Rs 454. The BSE AUTO is up by 1.5%. The top gainers in the BSE AUTO Index is ESCORTS LIMITED (up 5.2%). The top losers is EICHER MOTOR (down 1.1%).

CASTROL INDIA Surges by 5%; BSE OIL & GAS Index Up 3.4% (Today's Market)

Aug 23, 2019 03:16 PM

CASTROL INDIA share price has surged by 5% and its current market price is Rs 120. The BSE OIL & GAS is up by 3.4%. The top gainers in the BSE OIL & GAS Index are CASTROL INDIA (up 5.1%) and BPCL (up 5.2%). The top losers [TOPLOSERS].

GE POWER INDIA LTD Surges by 11%; BSE CAPITAL GOODS Index Down 0.3% (Today's Market)

Aug 23, 2019 03:14 PM

GE POWER INDIA LTD share price has surged by 11% and its current market price is Rs 822. The BSE CAPITAL GOODS is down by 0.3%. The top gainers in the BSE CAPITAL GOODS Index is GE POWER INDIA LTD (up 10.7%). The top losers are ELGI EQUIPMENTS (down 0.1%) and THERMAX (down 0.2%).

VODAFONE IDEA Surges by 10%; BSE 500 Index Up 0.9% (Today's Market)

Aug 23, 2019 02:26 PM

VODAFONE IDEA share price has surged by 10% and its current market price is Rs 6. The BSE 500 is up by 0.9%. The top gainers in the BSE 500 Index are VODAFONE IDEA (up 10.1%) and STERLITE TECH. (up 13.3%). The top losers are PAGE INDUSTRIES and GSK CONSUMER (down 0.1%).

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