The 2009 general elections outcome announced a huge surprise. It was by far the best outcome in terms of strength of the leading party’s tally since 1991 elections. Indeed, this is the first time since 1960s that any Prime Minister would return for second consecutive term in office. We believe this strong political mandate will allow the new government to accelerate the pace of reforms.
Today a history was created on Dalal Street, markets hit two upper circuit limits on Monday in a buoyant reaction to ruling UPA coalition’s decisive electoral win in the 15th Lok Sabha elections. In fact this is the first time ever in Indian market’s history, trading has been halted for the day due to markets hitting upper circuit limit. The 30-share BSE index rose 17.34% to close at 14,284.21 and the 50-share NSE Nifty surged by 651.50 points to end at 4,323.15. Within just over a minute of trading today, the turnover is at Rs3,103 crore with only 272 stocks traded on NSE and 842 stocks on BSE.
Trading was suspended for two hours, as the index zoomed 1,790 points (14.7%) to 13,963. As soon as trading resumed at 1155 hrs, the index surged to 14,273 - up 2,099 points (17.2%) - and trading was suspended for the day.
The Top Ten firms add Rs2 trillion in a minute. Report suggests that the country’s top 10 firms witnessed an over Rs2.27 lakh crore addition to their market valuation, with Reliance Industries contributing the most to the club’s kitty, as the Bombay Stock Exchange benchmark Sensex recorded its historic single day gain today. Additionally Investors reap Rs 10,000 cr every second in today's trade. But the Fund managers say stock surge irrational.
However the Industry bodies said they were not surprised by a “euphoric” rise in the stock prices as the market went into a buying frenzy on the back of emergence of a stronger UPA, set to start its new term on a confident note.
In addition there are 11 experts tell you where the markets are headed, along with Sectors and stocks to look out for.
Happy Trading.
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