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May 16, 2014, 12.17 PM | Source: Moneycontrol.com

Live Market Updates: Nifty below 7400, Sensex firm; Modi wins big in Varanasi

ITC, Reliance, ICICI Bank and HDFC twins are positive contributors to the Sensex. Banking stocks are also up.

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Live Market Updates: Nifty below 7400, Sensex firm; Modi wins big in Varanasi

ITC, Reliance, ICICI Bank and HDFC twins are positive contributors to the Sensex. Banking stocks are also up.

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Moneycontrol Bureau
Live Market Commentary

11:57 am In focus: Shares of Adani group stocks are on fire celebrating NDA win in the 16 Lok Sabha Election. Adani Enterprises jumped 10 percent, Adani Power pocketed 8 percent gain while Adani Ports and Special Economic Zone was up 7 percent intraday.

11:50 am Modi victory: A massive Narendra Modi tsunami has swept across India and major tectonic shift has taken place in the country. The BJP-led NDA powered by Modi has for the first time crossed the 300-seat mark with the saffron party alone crossing the half-way mark of 272. It is also the first time since 1984 when the Congress under Rajiv Gandhi had won over 400 seats following the sympathy wave generated by the assassination of Indira Gandhi.

Under Modi government, the alliance partners may become irrelevant and they will most likely have no say in the running of the country.

As expected by the BJP and rightly predicted by the pollsters, the BJP has done remarkably well in the key battle ground states of Uttar Pradesh and Bihar. The BJP has decimated the two main regional satraps Mayawati of the Bahujan Samaj Party and the Mulayam Singh Yadav of the Samajwadi Party in Uttar Pradesh and Nitish Kumar of Janata Dal United in Bihar.
Narendra Modi tsunami sweeps India, BJP crosses half way mark of 272 seats on its own

11:40 am Big lead: BJP Prime Ministerial candidate Narendra Modi wins Varanasi seat. Modi also wins in Vadodara by 4 lakh votes. Assam CM Gogoi will resign as he takes full responsibility of defeat.

11:35 am Market check: The Sensex is up 842.03 points or 3.52 percent at 24747.63, and the Nifty up 259.70 points or 3.65 percent  at 7382.85.  About 1106 shares have advanced, 1254 shares declined, and 115 shares are unchanged.

11:27 am Big loss: Ajit Singh, chief of the Rashtriya Lok Dal, has lost in Baghpat, western Uttar Pradesh, a seat he had been winning straight since 1999 and had lost only once before. The union aviation minister in the UPA government has lost  to the BJP's Satyapal Singh, who quit as Mumbai police commissioner to contest the elections.

11:25 am Sulking stocks: As market celebrates NDA’s victory in the 16th Lok Sabha elections, IT stocks are sulking for some other reasons. Technology stocks are falling prey to selling pressure as rupee strengthened above 58/USD-mark. It hit 11-month high and is trading at 58.80 per dollar.

Shares of TCS, Wipro and Infosys fell 3-6 percent intraday on Friday.
In the opening the rupee gained 38 paise at 58.91 against previous day closing of 59.29. Their appreciation came as US Treasury yields slid, prompting investors to seek higher returns.

11:20 am Election impact: Shishir Baijal, Chairman & Managing Director, Knight Frank India says with so much riding on the general elections, we are happy that the results indicate a stable and progressive government coming in place. "The last couple of years were not the best years for the Indian real estate, and the slowdown impacted all asset classes. The economic and political stability will act as a catalyst for revival of the real estate sector in India. The stakeholders are cheerful and expect the business environment to be upbeat in the coming six months," he adds.

 11:10 am Corporate voice: Sunil Munjal, Joing MD, Hero MotoCorp, says that the main and the important thing which does need to change is the mood which will then allow people to build confidence to start bringing investments back and bring the economy back on trend rate as we would like to see over the next 9-12 months.

"The iindustry has been in a wait and watch mode for a while now, so I would imagine a large number of companies would relook at their plans because one big issue was clearance of large projects. So, I would certainly think companies would go back to the drawing board and look at revising their investment plans because many of them had been held back," he said in an interview.

11:08 am FIIs inflow: Ratnesh Kumar, Managing Director & CEO of Standard Chartered Securities sees an additional FII interest in the market.

"We will still see flows because I think because of the historical track record of 2004 and 2009, there was always some bit of scepticism which was there between the exit poll and the result and trends which are coming through so far seem to suggest that exit polls may well be right and I think that was holding back some flows in terms of especially the long-term flows from many of the pension funds etc. So my sense is that a clear verdict is going to result in additional FII interest in the market," he said.

11:07 am Losers: Infosys, Dr Reddy's Labs, Wipro, TCS and Cipla are top losers in the Sensex.

11:05 am Counting: NDA leads in 311 with BJP at 269 and likely to breach 272 mark on its own; UPA leads in 77 with Congress in 62. BJP leads in 26 of 29 Madhya Pradesh seats. Sachin Pilot trails by 25,500 votes in Ajmer; Jaswant Singh trails in Barmer by 22,000 votes, BJP leads in all 25 Rajasthan seats. 

Don't miss: Adani Group stocks up 8-10% as NDA leads election results

The market seems to be cheering as the NDA leads in the 16th Lok Sabha elections. The Sensex is up 951.57 points or 3.98 percent at 24857.17, and the Nifty up 282.90 points or 3.97 percent at 7406.05. About 1063 shares have advanced, 1125 shares declined, and 97 shares are unchanged.

In early morning trade, the Sensex gained over 1,300 points above 25,000. The Nifty was up by over 400 points and is trading above 7,500.

ITC, Reliance, ICICI Bank and HDFC twins are positive contributors to the Sensex. Banking stocks are also up.

The rupee and the Indonesian rupiah led gains among emerging Asian currencies on Friday on hopes that opposition parties will win elections, though profit-taking sent most other regional currencies lower on the week.

The rupee hit a near 10-month high as an alliance led by pro-reform and business friendly Hindu nationalist Narendra was on course for an absolute majority.

The rupiah touched a five-week peak on capital inflows amid expectations that the hugely popular Jakarta governor Joko "Jokowi" Widodo would win the presidential election on July 9.
Their appreciation came as US Treasury yields slid, prompting investors to seek higher returns.

Equity benchmarks are on very strong footing on D-day for Lok Sabha election results as leads indicate that Bharatiya Janata Party-led National Democratic Alliance (NDA) may win national election.

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It is a massive rally as market opens at life high. Sensex opens with a gain of 1000 points. The Sensex is up 646.62 points or 2.70 percent at 24552.22, and the Nifty is up 296.45 points or 4.16 percent at 7419.60. About 514 shares have advanced, 86 shares declined, and 20 shares are unchanged.

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Live Market Updates: Nifty below 7400, Sensex firm; Modi wins big in Varanasi

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