Published on Mon, May 18, 2009 at 09:55 | Source : Moneycontrol.com
Updated at Mon, May 18, 2009 at 12:07
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TRADING HALTED FOR THE DAY
The one-sided win for the UPA government (lead by 262 seats) in the 15th Lok Sabha election, which shrugged off the exit polls results drastically, brought great cheers for the markets in early trade. The benchmark indices locked at upper circuit. The BSE and NSE have decided that the trade will start at 11:55 am (i.e. after two-hour halt).
Reliance Industries was up 20%. Sun Pharma, HDFC, ICICI Bank, L&T and DLF gained 19-20%. Tata Communication, Hero Honda, Unitech, Grasim, ABB, Reliance Petroleum, Suzlon Energy and Axis Bank surged 17-18.8%.
Reliance Capital, Ambuja Cements, Sterlite, Reliance Power, Bharti Airtel, SBI, HDFC Bank, Reliance Infrastructure, Reliance Communication, TCS, SAIL, Infosys and Power Grid Corp were up 15-16.8%.
BHEL, Siemens, ONGC, Tata Motors, Idea Cellular, Tata Steel, M&M, Ranbaxy Labs, NTPC and ACC shot up 10-14%.
Lok Sabha 2009 election results
The Lok Sabha 2009 election results have given a clear mandate: the Congress-led United Progressive Alliance (UPA) is set to return to power and without support of the Left.
The UPA raced to an early lead ahead of the Bhartiya Janata Party (BJP)-led National Democratic Alliance (NDA). Incumbent Prime Minister Dr Manmohan Singh is now set to continue in the role.
The Indian rupee was trading at 4-month high of 48.40 a US dollar.
On the global front, Asian markets were trading lower barring Taiwan. Nikkei declined 2.5%. Shanghai Composite, Hang Seng and Kospi fell 1.3% each. Straits Times was down 0.79%. However, Taiwan Weighted lost 0.7%.
The dollar fell 0.5 percent to 94.75 yen, nearing a two-month low of 94.55. The shares of export companies are under presssure as a result of strong yen.
