Closing Bell: Sensex ends 117 points lower, Nifty holds 11,900; IT stocks gain

The market close the volatile day on the negative side but off day's low after cabinet announcement under Modi 2.0.

At close, the Sensex was down 117.77 points at 39,714.20, while Nifty was down 23.10 points at 11,922.80. About 1020 shares have advanced, 1534 shares declined, and 155 shares are unchanged.

Yes Bank, ITC, Grasim Industries, Vedanta and Zee Entertainment were the top losers on the Nifty, while gainers were Tech Mahindra, Asian Paints, TCS, IOC and Britannia Industries.

Among sectors, PSU bank, metal, auto, infra and pharma witnessed selling pressure, while buying saw in the energy and IT space.

Hon. Ms Nirmala Sitharaman is an excellent choice as Finance Minister, in Hon. PM Modi’s 2.0 cabinet team of ministers. Besides having relevant qualifications as MA in Economics, she has played varied roles in corporate life, including work related to field of economics. In her political career, Ms Sitharaman has served as MOS with independent charge for Finance and Corporate Affairs, as well as minister of Commerce and Industry for three years.

This qualifies her for the big role and we remain hopeful, seeing her illustrious record. She has done justice to the portfolios managed so far, whether as national spokesperson or even as Defence minister, with facts and figures in place. She has a strong personality and seems like a task-master with an eye for detail; qualities that are much needed to bring sweeping change.

We expect turnaround in economic cycle and remain bullish on the markets with Nirmala Sitharaman as the new FM. We believe reflationary forces will form the backdrop of the next growth trajectory.

Mid-Caps remain our preferred space with a room for significant rally going forward. We expect Nifty could rise to a level of 13,000-13,500 while the Midcap Index can rise to a level of 25,000. We expect G-sec 10 year yield to fall to a level of around 6.5%.

D-St Buzz: PSU banks fall the most led by Union Bank; TCS gains, YES Bank down 4%

The breadth of the market favoured the declines as 607 stocks advanced and 1151 declined while 339 remained unchanged on the NSE. On the BSE, 980 stocks advanced, 1581 declined and 149 remained unchanged.... Read More

Ring Plus Aqua, a subsidiary of Raymond announced the opening of its third manufacturing facility at Sinnar.

Shares of NCC tanked nearly 18 percent after the new newly instated Andhra Pradesh government decided to cancel all projects sanctioned prior to April 1 by the previous N Chandrababu Naidu government but work on which was yet to take-off.

With Nirmala Sitharaman as new FM and other ministers under Modi 2.0, the Nifty50 is likely to get past 12000 mark convincingly in coming months and quarters. We are back in the bull market which spurted in 2018 and first half of 2019, and from this time, the gains will be more broadbased.

The bull market may not be visible in the index stocks because most of them are priced to perfection. We will see is again re-rating of the PE multiple ahead of the earnings.

Titagarh Wagons has recommended dividend of 15% on the equity shares of Rs 2 each fully paid up subject to declaration by the shareholders at the ensuing Annual General Meeting.

Oil prices fell by more than 1% on Friday and were on track for their biggest monthly fall since November as trade conflicts spread and U.S. crude output returned to record levels.

Nirmala Sitharaman will be a new Finance Minister as well as Corporate Affairs Minister while Rajnath Singh would be Defence Minister under new NDA government.

Amit Shah, who was BJP president, will become Home Minister while Piyush Goyalwill be Commerce and Railway Minister.

Nitin Gadkari holds Road, Transport and Highways Ministery along withMSME while RK Singh is appointed as Power Minister.