Sensex rides Modi wave to scale 25,000, trims gain at close

Benchmark indices ended at new closing highs Friday, but shed much of the intra-day gains despite the BJP-led NDA coalition winning by a much bigger margin than expected.

The Sensex closed at 24121.74, up 216.14 points over its previous close after hitting a record high of 25375.63 intra-day high minutes after trading began. The Nifty settled at 7203, up 79.85 points after making a new peak of 7563.50 intra-day.

Realty, capital goods, banks, power and oil & gas shares were the best performers, while investors dumped shares of defensive sectors like IT, FMCG and pharma anticipating a shift in money into cyclical stocks.

Sectoral indices for IT, FMCG and pharma all closed in the red, underscoring the sudden change in investor preference.

In a reminder of the problems still facing the corporate sector, the Supreme Court ordered an interim ban on 26 mines in Odisha operating on second deemed renewals.
 
Sesa Sterlite (+11 percent), PNB (+7 percent), BPCL (+7 percent), BHEL and DLF (6 percent each) were the star performers of the day. Tata Steel topped the list of losers, falling 4 percent as the company sources a big chunk of its iron ore requirements from Odisha. Other big losers in the Nifty included, ITC, Dr Reddy's, Infosys and HCL Tech, shedding around 3 percent each. IT stocks were hit the hardest as it felt that increased foreign capital flows in the coming days, as a result of NDA victory, would strengthen the rupee and hut the sector's profitability.

Profit booking in the second half of the session caught many investors unawares as they were hopeful of the market retaining gains and even hitting the upper end of the circuit filter.

Brokers said they expect equities to be volatile near term, but trending higher.

Ace investor Ramesh Damani said he expected the bull run to continue on the back of increased retail investor participation in the coming days.

''I think we are now perhaps crossing the first stage of a bull market and moving to a more mature second phase of the bull market,'' he said in an interview to CNBC-TV18.

Most experts shared Damani's views, saying a stable government at the Centre was likely to change global investor perception about India.

''This is a very important endorsement of economic reform; an electorate in India going out and asking for a better growth environment, voting for a administration that has the reputation at the state level for getting things done,'' said JP Morgan's Adrian Mowat, adding, ''foreign investors are certainly going to welcome this.''

But there were voices of caution as well.

''It is important to be realistic about the pace of political and economic change, at least in the nearer term,'' said brokerage house HSBC in its note to clients.

''The new government will not be able to change things overnight and the recovery in GDP growth will likely prove protracted, possibly even move sideways in the near term until we have measurable progress on reforms and investment projects,'' the note added.

Among stocks of Gujarat-based companies, key gainers included Adani Enterpriises, Pipavav Defence, Guj State Petro, Gujarat Pipavav, and GNFC, up between 3-6 percent.

3:55 pm India Inc cheers up: Happy at the clear mandate given by voters to the BJP-led NDA, India Inc Friday exuded confidence that Narendra Modi will initiate bold and decisive policy reforms to promote economic growth.

"A clear mandate is positive for India. Ficci hopes that this mandate will help the leadership restore much needed investor confidence, attract higher investments and generate employment, especially in the manufacturing sector," Ficci President Sidharth Birla said.

Modi appears all set to be the next Prime Minister with BJP likely to get a majority on its own, as per the results trend since this morning. BJP-led NDA is expected to get over 300 seats in the 16th Lok Sabha elections.

Assocham President Rana Kapoor said: "A majority mandate gives hope of a stable government, paving the way for bold and decisive policy reforms. This can herald a sustainable 10 percent growth of the economy in the next 18-24 months".

3:45 pm Deal: Adani Ports and Special Economic Zone , part of conglomerate Adani Group, has bought the Dhamra Port Company Ltd from Tata Steel Ltd & L&T Infrastructure Development Projects in a deal worth Rs 5500 crore including debt, the companies said.

Dhamra, based in the east Indian state of Odisha, will add to Adani's existing port assets in India.

The port handled 14.3 million tonnes in 2014 and has environmental clearance for the development of 12 additional berths to add to its existing two, Adani said.

3:40 pm Winners and losers: Banking and realty stocks were the biggest gainers today. Sesa Sterlite, SBI, Axis Bank, ICICI Bank and BHEL were top gainers in the Sensex. Among the losers were Tata Steel, ITC, Wipro, Dr Reddy's Labs and Infosys.

3:35 pm Market closing: The Sensex crossed 25,000 intra-day and ended above 24,000. The Sensex was up 216.14 points or 0.90 percent at 24121.74. The Nifty ended at record closing high of 7200 after hitting intra-day high of 7563.5. The Nifty was up 79.85 points or 1.12 percent at 7203. NSE cash volume was at Rs 35,631 crore, highest since May 2009.

3:27 pm RBI policy:  A fortnight ahead of the next bi- monthly monetary policy review, Reserve Bank Governor Raghuram Rajan said the "best tool" available with the central bank to control price rise is interest rate.

"Our best tool to control inflation is interest rate," he said, adding that the government too has tools like increasing agricultural production and improving supply.

"Both need to work together and will work together.

3:20 pm Rupee outlook: Neeraj Gambhir, Managing Director & Co-Head - Fixed Income India, Nomura foresees the rupee at 57.50/USD levels by 2015. But given the pace of appreciation, he believes the target may be met much sooner.

''I think the price at which the rupee stabilises is going to be entirely driven by the price at which RBI intervenes in the market'', says Gambhir in an interview. Gambhir feels capital flows in the next 12 months will be quite positive and expects the rupee's movement to reflect the same.

3:15 pm SC on mining: The Supreme Court has ordered an interim ban on 26 mines in Odisha, which are 26 operating on second deemed renewals.

Currently, there are 56 mines operational which have environmental clearances, of which 16 have valid lease and will be allowed to operate. Out of the remaining 40, 26 are operating as per the deemed extension for second renewal.

Citing the Goa mining judgment, the apex court said that deemed extensions cannot be allowed and thus operations in these 26 mines need to be halted until a clear direction is issued by the government.

Dismissing arguments that closure of mines will hurt steel sector and economy, the SC said it cannot accept the argument that miners are being penalised for delays in grant of renewals by state government. It said that miners only have the right to apply for renewals.

3:10 pm Upgrade: Macquarie increase 2014-end Nifty target to 8,400.

3:05 pm Total market turnover crosses Rs 4.57 lakh crore, which is third highest ever.

As lotus bloomed in the Ganga, the market's zeal is undeterred with ever-eager investors aggressively buying. The Sensex is up 281.39 points or 1.18 percent at 24186.99, and the Nifty is up 95.20 points or 1.34 percent at 7218.35.

About 1262 shares have advanced, 1451 shares declined, and 148 shares are unchanged. Sesa Sterlite is up 12 percent.

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.

02:59pm Market and Election Update
Equity benchmarks gained more than a percent. The Sensex rose 265.54 points to 24171.14 and the Nifty advanced 95.20 points to 7218.35.

NDA leads in 335 parliamentary seats with BJP in 283 seats while UPA leads in 60 seats with Congress in 46 and others 92.

02:57pm Nirakar Pradhan, CIO, Future Generali India Life Insurance says, "The strong mandate received by NDA this morning  is positive for both equity and debt markets. A stable and decisive government can reengineer Indian growth story through spearheading structural reforms going ahead, and thus increasing foreign investors' interest on India."

02:55pm Adani Ports buys Dharma Port
Adani Ports and Special Economic Zone (APSEZ) today announced that it has executed a definitive agreement with L&T Infrastructure Development Projects and Tata Steel to acquire 100 percent stake in the Dhamra Port Company (DPCL) at an enterprise value of Rs 5500 crore.

The Dhamra Port is a deep draft, all weather multi-user port located on the East Coast of
India in the state of Odisha. The port commenced operations in May 2011 and handled a
total cargo of 14.3 million tons in FY14.

02:52pm Himatsingka Seide loses 4%
Himatsingka Seide's January-March quarter consolidated net profit halved to Rs 11.5 crore compared to Rs 22.4 crore in year-ago period. However, consolidated total income increased to Rs 498.2 crore from Rs 394.3 crore Y-o-Y.

02:49pm Kalindee Rail jumps 17%
Kalindee Rail posted a net profit of Rs 12.6 crore in the quarter ended March 2014 as against loss of Rs 1.3 crore in same quarter last year while net sales increased to Rs 100 crore from Rs 62.8 crore year-on-year.

02:45pm In Bihar, BJP leads in 30 Lok Sabha seats while Congress in 8 seats.

02:42pm Most active shares: State Bank of India, Adani Enterprises, Reliance Industries, Tata Steel, ICICI Bank and Larsen & Toubro.

02:39pm Manappuram Finance loses 13%
Manappuram Finance's net profit more than halved to Rs 32.37 crore in the quarter ended March 2014 as against Rs 71.05 crore in previous quarter and loss of Rs 141.43 crore in a year-ago period.

02:35pm National: National Democratic Alliance leads in 329 Lok Sabha seats with BJP in 280 while United Progressive Alliance leads in 64 seats with Congress in 49 seats.

02:32pm UBS ups Nifty target
Brokerage house UBS has raised its Nifty target to 8000.

02:28pm Election Update
Congress candiates - Milind Deora lost its Mumbai south seat and Priya Dutt lost from Mumbai north-central while Praful Patel lost from Bhandara-Gondiya, Maharashtra.

02:25pm Market Expert
The Narendra Modi-led BJP swept off the 2014 elections with a clear majority. Speaking to CNBC-TV18 on expectations going ahead, Raamdeo Agrawal, Jt MD, Motilal Oswal Financial Services says the market will see multi-year bull run now and this is just the beginning.

He believes one should invest in equities and should stay onto the quality stocks for a much longer period than ever before.

02:21pm BSP faces rout in UP
Bahujan Samaj Party led by former Uttar Pradesh Chief Minister Mayawati is facing existential crisis, as the party which claims to represent the oppressed class failed to maintain lead in any of the state's 80 seats.

The only glimmer of hope was Sitapur seat where party's Kaisar Jahan was leading in initial rounds, but she too could not maintain that lead as the counting progressed.

Jahan is now trailing to BJP's Rajesh Verma by 17,407 votes. The party, however, is struggling at second position in 34 seats, reports PTI.

02:17pm Top gainers
Sesa Sterlite, State Bank of India, Axis Bank, ICICI Bank, HDFC Bank, IndusInd Bank, Punjab National Bank and BPCL gained 5-9 percent.

02:13pm Arun Jaitley loses
In a major setback to the Bharatiya Janata Party on a day when it comfortably crossed the half-way mark of 272 in the Lok Sabha elections, senior party leader Arun Jaitley was defeated by Congress's candidate Captain Amarinder Singh in Punjab.

Even before the counting got over, Jaitley conceded defeat as Amarinder Singh had taken a comfortable lead of over 59,000 votes in Amritsar. Singh said, "I had said on the first day that Jaitley has nothing to do with Punjab. He is an unknown factor in Amritsar."

This was the first time that Jaitley had contested the Lok Sabha elections and according to the sources his name was doing the rounds for the Finance Ministry.

02:09pm Cadila Healthcare falls 2.5% post earnings
Cadila Healthcare today reported 8.74 percent decline in consolidated net profit to
Rs 239.19 crore for the quarter ended March 31 due to higher tax expense.

The company had reported net profit of Rs 262.11 crore in the January-March quarter of financial year 2012-13. Cadila's net sales in the quarter under review were up by 22.40 percent to Rs 1,916.33 crore as against Rs 1,565.53 crore in the year-ago period, the company said in a BSE filing.

02:04pm Deutsche Bank revises Sensex target
Deutche Bank has revised its year end 2014 Sensex target to 28000 post one of the most decisive electoral verdicts since 1984. The DB report, penned by Abhay Laijawala and Abhishek Saraf builds on the historic NDA victory saying investor confidence has been reignited and will lead to a new bull market.

"The political platform now delivered to the NDA is historic and should result in a simultaneous revival of investor, consumer and corporate confidence. With the economy and the investment cycle at the center focus of the new government, equity markets are likely to react to the verdict with euphoria. Over the past decade a fragmented coalition with differing economic ideologies had been the key reason for the economic malaise. The historic verdict hence justifies a rerating of the Indian equity markets. We are raising our December 14 Sensex target to 28,000 (implying a multiple of 18x on FY15 EPS) and strongly believe that we are at the cusp of a structural bull market. The Indian market tends to give a new government the benefit of hope and hence we strongly believe that the market is unlikely to consolidate meaningfully until the budget."

02:00pm Equity benchmarks shed more than 4.5 percent gains in noon trade on account of profit taking in FMCG, technology and healthcare stocks. The rupee too erased some gains, up 21 paise to 59.08 a dollar.

The Sensex rose 188.52 points to 24094.12 and the Nifty climbed 68.10 points to 7191.25 after hitting record highs of 25375.63 and 7,563.50, respectively. However, decliners beat advancers by a ratio of 1520 to 1149 on the BSE.

The market seems to have factored in BJP's landslide win in 16th Lok Sabha election.

Tata Steel topped the selling list, falling more than 4 percent followed by ITC with 3.8 percent. Infosys, Wipro, HUL and Dr Reddy's Labs lost 2-3 percent.

1:57 pm New hope: The next government will need to help state-run lenders battling rising bad loans caused by the slowing economy, rising interest rates and project delays.

Stressed loans in India - either bad and restructured - total USD 100 billion, or about 10 percent of all loans. Fitch Ratings expects that ratio to reach 14 percent by March 2015.

Rising bad loans threaten to choke the gradual recovery in Asia's third-largest economy, according to the OECD.

1:52 pm Late monsoon? Monsoon may hit the southern Kerala coast around June 5, the weather office said on Thursday, in a likely delayed onset that raises fears of poor rains in the initial days of a monsoon season threatened by the El Nino weather pattern.

A delay in rains for monsoon-dependent India could pose challenges for the country's next government, possibly pushing up inflation and denting economic growth. Results due on Friday are likely to hand opposition leader Narendra Modi a majority.

"We are expecting a slight delay in the monsoon onset than the normal date of arrival," said D S  Pai, lead forecaster of the Indian government's weather office.

1:49 pm Losers: Tata Steel is down 4 percent, Dr Reddy's Labs, ITC, Infosys and Wipro loses 3 percent each.

1:48 pm Market alert: Profit booking seeps in as the Sensex is up 208.63 points or 0.87 percent at 24114.23, and the Nifty is up 59.15 points or 0.83 percent at 7182.30.
About 1182 shares have advanced, 1484 shares declined, and 126 shares are unchanged.

1:35 pm Election update: Prime Minister Manmohan Singh called opposition leader Narendra Modi on Friday to congratulate him on the victory of his Bharatiya Janata Party (BJP) in the country's election, Singh's office said in a Tweet.

Partial results from the election showed that Modi is set to succeed Singh, with his BJP and its allies ahead in counting for 339 of the 543 parliamentary seats at stake.

1:30 pm Asian markets: Japanese shares stumbled, posting their third weekly loss in the past month, hit by a stronger yen, a sharp fall in US bond yields and a second day of declines on Wall Street.

The Nikkei share average fell 1.4 percent on the day to 14,096.59, and lost 0.7 percent on the week. Falling US bond yields not only tend to drive the dollar down against the yen but also raised concerns that they may indicate slower US economic growth.

1:20 pm Opinion: A decisive win for the BJP-led NDA coalition will give the new government political muscle to move the structural reform agenda forward, feels brokerage house HSBC.

However, even with a strong mandate it will take time and the economic recovery will, therefore, likely prove protracted, the brokerage has warned.

It expects the rupee to slip to 62 by the end of this calendar.

''Given the Modi-led government's likely emphasis on enhancing infrastructure, we also expect that investment projects will be rolled out at a somewhat faster pace, which will help gradually de-bottleneck the economy,'' the HSBC note to clients says.

1:15 pm Upgrade:  Deutche Bank has revised its year end 2014 Sensex target to 28000 post one of the most decisive electoral verdicts since 1984. The DB report, penned by Abhay Laijawala and Abhishek Saraf builds on the historic NDA victory saying investor confidence has been reignited and will lead to a new bull market.

"The political platform now delivered to the NDA is historic and should result in a simultaneous revival of investor, consumer and corporate confidence. With the economy and the investment cycle at the center focus of the new government, equity markets are likely to react to the verdict with euphoria. Over the past decade a fragmented coalition with differing economic ideologies had been the key reason for the economic malaise. The historic verdict hence justifies a rerating of the Indian equity markets. We are raising our December 14 Sensex target to 28,000 (implying a multiple of 18x on FY15 EPS) and strongly believe that we are at the cusp of a structural bull market. The Indian market tends to give a new government the benefit of hope and hence we strongly believe that the market is unlikely to consolidate meaningfully until the budget."

1:12 pm Market outlook: Ramesh Damani thinks we are now perhaps crossing the first stage of a bull market and moving to a more mature second phase of the bull market. "But it has been just a terrific ride for the last week for the market. Up almost 3000 points in the blink of an eyelid. So we are looking forward to the Modi bull market continuing," he said.

He feels there will be lot of foreign money coming in as there is lot of money waiting on the sidelines for the election result.

1:07 pm Big surge: Real estate stocks are riding the bull by its horns as the nation bathes in saffron with NDA's thumping majority in the Lok Sabha elections. Stocks like DLF, Oberoi Realty, Prestige Estates, Godrej Properties and Sobha Developers jumped 3-9 percent each on hopes of getting more projects by the new government.

During the campaigns, BJP had promised to set up 100 smart cities across the country.

The market seems to be taking a breather as counting of votes is still underway. The Sensex is up 677.84 points or 2.84 percent at 24583.44 and the Nifty up 212.35 points or 2.98 percent at 7335.50. About 1266 shares have advanced, 1323 shares declined, and 117 shares are unchanged.

A massive landslide win of NDA swept the nation as 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.

The equity market saw massive rally 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.

In opening trade, the rupee gained 30 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.
Meanwhile, the rupee and the Indonesian rupiah led gains among emerging Asian currencies. 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.

12:59pm In Gujarat, BJP leads in all 26 seats while BJP's Arun Jaitley lost to Congress' Amarinder Singh.

12:58pm IT, FMCG, Healthcare drag
Dr Reddy's Labs lost 2.5 percent while Infosys, Hindustan Unilever, Wipro, HCL Technologies and Tech Mahindra declined over 1.5 percent. ITC slipped 0.3 percent and Cipla over 1 percent.

12:55pm Market loses more than half of gains
The Sensex gained 630.98 points or 2.64 percent to 24536.58, and the Nifty rose 201.20 points or 2.82 percent at 7324.35.

12:53pm In Uttar Pradesh, BJP leads in 68 (out of 80) parliamentary seats while Congress leads in 3 seats and Samajwadi Party in 9.

12:50pm The rupee strengthened on NDA victory, rising to 11-month high while Nifty futures hit high of 7625 and Bank Nifty touched high of 15,996.

12:47pm Market Update
The Sensex rose 822.78 points or 3.44 percent to 24728.38, and the Nifty climbed 253.10 points or 3.55 percent to 7376.25 after losing around 2.5 percent from day's highs.

12:45pm Most active shares: State Bank of India, Reliance Industries, Adani Enterprises, Larsen & Toubro and ICICI Bank.

12:43pm In Andhra Pradesh, Bharatiya Janata Party leads in 17 Lok Sabha seats (out of 42) while Congress in 4 seats, YSRC in 9 and TRS 11.

12:40pm Market Expert
Vallabh Bhansali, chairman, Enam Securities says he would look for solid economic growth.

"I think for the first time in my investing career I have seen people vote for development and growth the way this time it has happened. It is across the country; from north to south to east to west. This is very big because you are going to see the man, the ideology and the people all aligned like never before in modern economic development agenda. This I think is the mother of all potential that I have ever witnessed in my life," he explains.

Bhansali further says, "This is true economic independence according to me. People believed in a man. This time people believed in themselves, they have joined the aspiration bandwagon and I think that is very exciting to me."

12:37pm Losers
Dr Reddy's Labs is the top loser, falling over 2.5 percent followed by Hindustan Unilever, Infosys, Wipro and Tech Mahindra with 1-1.8 percent.

12:35pm In Tamil Nadu, Jayalalithaa-led ADMK leads in 37 (out of 39) Lok Sabha constituencies while BJP in 2 seats

12:31pm In Odisha, BJD leads in 14 Lok Sabha seats (out of 21) while BJP leads in 3 seats and Congress in 4.

12:27pm Vivimed Labs in focus
Company receives the PIC/S GMP approval for one of its pharmaceuticals manufacturing facilities in Hyderabad

12:23pm Rail stocks on buyers' radar
Shares of rail stocks are gaining in full steam as Narendra Modi heads to become the next Prime Minister of India.  A massive landslide win of NDA swept the nation as 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.

Rail stocks Titagarh Wagons, Kalindee Rail Nirman, Kernex Microsystems, Hind Rectifiers, Texmaco Rail and Engineering and BEML are popping in buyers' list on Friday, rising 2-11 percent.

Investors are excited about the rail stocks as Modi has been stressing on improvement on beleaguered Indian railways. In his campaign speeches, he also highlighted about modernising the railway system, just like Japan.

12:19pm Adani group stocks on strong footing
Adani Enterprises surged 14.5 percent to Rs 572.95 after hitting fresh 52-week high of Rs 585 while Adani Power gained 5.55 percent to Rs 58 and Adani Ports jumped 4 percent to Rs 229.

12:15pm In Maharashtra, BJP leads in 43 seats (out of total 48) while Congress leads in just 4 seats.

12:12pm Banks, Realty stocks star
BSE Bank and Realty indices gained 7 percent each. Allahabad Bank, Andhra Bank, Canara Bank, Indian Bank, Oriental Bank of Commerce, PNB, UCO Bank and Union Bank of India are top gainers among PSU banks, rising 10-15 percent.

Among private banks, Axis Bank, Federal Bank, ICICI Bank, IndusInd Bank, Kotak Mahindra Bank, YES Bank and Karnataka Bank surged 7-10 percent.

In realty space, DLF, Indiabulls Real Estate, HDIL and Sobha Developer climbed 7-11 percent.

12:08pm Election Update
BJP candidate Kirron Kher is leading from Chandigarh seat over Congress rival and four-time MP Pawan Kumar Bansal, as per initial trends.

As per trends available, Kher is now leading by 5,418 votes over her Congress rival and former Union Railway minister.

Speaking on the intial poll trends, Kher said: "We are very proud of him (Narender Modi). He was our General. We were behind him in this battle and we will win this battle." Aam Aaadmi Party (AAP) candidate Gul Panag is trailing at the third place by 12,183 votes.

Chandigarh Lok Sabha seat had witnessed 73.84 percent polling with 4.53 lakh voters exercising their franchise out of total 6.13 lakh electors on April 10, reports PTI.

12:03pm Market Expert
Nirmal Jain, chairman, IIFL says it is a bull market.

"I would say that people should resist temptation to book profit at this point in time. Of course there can be small corrections but in a bull market the corrections are smaller and the rally gets bigger and bigger. So, at this point in time one should look forward to a good bull market for the next five years. The market has rallied very sharply in last few days but let the dust settle and then probably we will see a steadier run, a long-term bull market," he elaborates.

12:00pm The market consistently held upward momentum in afternoon trade as election results made it clear that Bharatiya Janata Party-led National Democratic Alliance (NDA) is set to form new government at centre. The Sensex rose 834.34 points or 3.49 percent to 24739.94, and the Nifty climbed 255.45 points or 3.59 percent to 7378.60 though both lost more than 2 percent gains from day's high.

NDA leads in 322 parliamentary seats with BJP in 272 while UPA still stuck at 75 with Congress leading in 59 seats.

Sesa Sterlite topped the buying list in the Sensex, rising 11.27 percent followed by ICICI Bank, Axis Bank, SBI and HDFC Bank with 6-8 percent.

However, the market breadth turned in favour of declines. Declining shares outnumbered advancing ones by a ratio of 1264 to 1155 on the BSE.
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.

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.

11:00am Elections results: NDA leads in 309 seats with BJP in 266 while UPA leads in 75 Lok Sabha seats with Congress in 60 and others in 107 seats.

10:59am Election Results: Narendra Modi wins in Vadodara by 4 lakh votes

10:57am Assam CM Gogoi will resign. He says he takes full responsibility of defeat

10:53am Market Update
Equity benchmarks erased some early gains on profit booking in technology stocks like Infosys, Wipro and TCS that fell more than a percent.

The Sensex is up 950.74 points or 3.98 percent at 24856.34 after losing over 600 points from day's high of 25375. The Nifty gains 287.60 points or 4.04 percent to 7410.75.

10:50am In Delhi, BJP leads in all 7 seats

10:47am In Gujarat, BJP leads in all 26 Lok Sabha seats

10:45am BJP is leading in all the four parliamentary seats in Himachal Pradesh
While former Union Minister and Chief Minister Shanta Kumar is leading by 21,000 votes in the Kangra constituency, Virender Kashyap is leading by over 10,000 votes from Shimla
(SC) seat.

Pratibha Singh, wife of Chief Minister Virbhadra Singh, who is contesting on the Congress ticket from the Mandi seat, is trailing the BJP candidate Ram Swaroop Sharma by over 7000 votes.

BJP's Anurag Thakur was leading by over 10,000 votes from Hamirpur constituency over Congress' Rajinder Singh Rana, with inputs from PTI.

10:43am FII flows to continue
With the results and trends suggesting that exit polls may have been right, Ratnesh Kumar, Managing Director & CEO of Standard Chartered Securities sees an additional FII interest in the market.

If the trends continue through the later part of the day, Kumar feels market may be going in further higher, he says in an interview with CNBC-TV18.

"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 elaborates.

10:40am The market continued to hold early gains as NDA is set to form new government at centre. The Sensex is up 987.42 points or 4.13 percent at 24893.02, and the Nifty rises 296.50 points or 4.16 percent at 7419.65.

Among midcaps, Andhra Bank, Indian Bank, Union Bank, Oriental Bank and Unitech rallied 10-15 percent whereas Manappuram Finance, Zydus Wellness, KPIT Technologies, Info Edge and Persistent Systems fell 4-8 percent.

In the smallcap space, Ramco, Oscar Investment, Kitex Garments, Magma Fincorp and
Gujarat Natural climbed 8-20 percent. However, Kyra Landscapes, Marathon Realty,
Warren Tea and S Mobility lost 8-10 percent.

10:37am National: BJP leads in 299 Lok Sabha seats (out of 543 seats) with BJP in 258 while UPA still stuck at 78 with Congress in 64 seats.

10:35am In Maharashtra, BJP leads in 34 seats (out of 48 seats) while Congress leads in 10 seats and MNS 1

10:33am Most active shares: Reliance Industries, SBI, Adani Enterprises, ICICI Bank, Larsen & Toubro

10:27am Congress concedes defeat, says ready to sit in opposition

10:24am In Rajasthan, BJP leads in 24 Lok Sabha seats (out of 25 seats)

10:22am In Bihar, BJP leads in 23 seats while Congress leads in 4 seats and JDU in 3 seats.

10:18am Positive contributors
ITC rallied 2.16 percent to Rs 375.85 and Reliance Industries gained 5.6 percent to Rs 1,112.65.

ICICI Bank surged 10.94 percent to Rs 1,545.45, HDFC Bank up 7.61 percent to Rs 848.10 and HDFC jumped 4.15 percent to Rs 939.85.

Larsen & Toubro climbed 6.47 percent to Rs 1,467.65 and SBI spiked 9.18 percent to Rs 2,488.40.

10:15am In Utter Pradesh, BJP leads with 54 seats while Congress in 3 seats

10:12am Market Expert
Ramesh Damani, Member BSE says the big story will really start from Monday and finally the elusive Indian retail public will come back to the market.

"The pain is now beyond staying on the sidelines, beyond good measures. So beginning Monday I would expect to see the Indian retail public coming in. So you will see a broad movement in cash shares. I think this rally has been led by the A group, by the banking stocks, by the F&O stocks. But beginning Monday we will see a huge move in the cash stocks and the participants will be the Indian public that is my call," he elaborates.

10:08am NDA leads in 286 seats with BJP in 244 while UPA leads in 73 seats with Congress in 59.

10:05am Rupee gains past 59 a dollar
The Indian rupee appreciated by 64 paise to 58.65 a dollar

Neeraj Gambhir, Managing Director & Co-Head - Fixed Income India, Nomura foresees the rupee at 57.50/USD levels by 2015. But given the pace of appreciation, he believes the target may be met much sooner.

''I think the price at which the rupee stabilises is going to be entirely driven by the price at which RBI intervenes in the market'', says Gambhir in an interview with CNBC-TV18.

Gambhir feels capital flows in the next 12 months will be quite positive and expects the rupee's movement to reflect the same.

10:00am 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.

The Sensex is up 1,316.36 points or 5.51 percent to 25221.96, and the Nifty rises 392.20 points or 5.51 percent to 7515.35. About 1141 shares have advanced, 544 shares declined, and 50 shares are unchanged.

ICICI Bank, HDFC Bank, Hero Motocorp, State Bank of India, Maruti Suzuki, PNB, Grasim and Axis Bank topped the buying list, rising 9-12 percent.

However, Dr Reddy's Labs is the only loser in the Sensex 30, falling nearly a percent.

10:00 am RBI Plan: The Reserve Bank of India said it has a contingency plan in place to infuse liquidity and deal with any volatility in the stock market on Friday in view of the election results.

''We assured the board that we are in discussions with the Finance Ministry and SEBI and we have placed prudential contingency plans to infuse liquidity, if needed. We hope that everything will go normally tomorrow when the election results are announced,'' RBI Governor Raghuram Rajan said.

Earlier this week, Finance Minister P Chidambaram had asked the regulators to maintain a strict vigil on volatility in the stock markets on the day of results.

While market authorities have been monitoring stock movements closely the last few days when markets surged to record highs on the back of exit polls and other predictions, they are now focusing mainly on tackling possible shocks on Friday and on Monday.

9:52 am Counting: RLD leader and aviation minister Ajit Singh has lost in Baghpat.  BJP's Uma Bharti who was initially leading in Jhansi, is now trailing by almost 1000 votes. After trailing as per initial trends, BJP leader Maneka Gandhi is leading with nearly 200 votes. Congress's Rahul Gandhi is trailing in Amethi against BJP's Smriti Irani.

9:50 am Breaking: The Sensex is up 1,390.96 points or 5.82 percent at 25296.56, and the Nifty is up 417.90 points or 5.87percent at 7541.05.  About 1122 shares have advanced, 531 shares declined, and 55 shares are unchanged.

9:40 am Buzzing: Shares of Adani group stocks are on fire celebrating NDA possible 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 on Friday.

Adani Group stocks especially Adani Enterprises has been on a roll since the BJP announced Narendra Modi as its PM candidate for the 2014 Lok Sabha elections on September 13. The stock has been the clear winner, rallying as much as 250 per cent in a matter of just nine months.

9:33 am Record: Sensex crosses 25000, gains more than 1100 points. The Nifty up 301.90 points or 4.24 percent at 7425.05.  About 977 shares have advanced, 352 shares declined, and 44 shares are unchanged.

9:28 am Market alert: The Sensex is up 935.09 points or 3.91 percent at 24840.69, and the Nifty up 277.45 points or 3.90 percent at 7400.60.  About 894 shares have advanced, 310 shares declined, and 38 shares are unchanged.

9:25 am FII view: Marsha Gordon of Pimco says, buying on the day may not be a right idea. "But if you were to look at the valuations of the market, they trade in line with historical average. So, on the basis of that, Indian market is not particularly over valued. That includes periods when we were in the realm of 1 or 2 standard deviations from the mean. One has to take into account the growth rate, which is very much the function of the reforms that we hope the new government might implement. So, if one were to think about the long-term horizon and we are counting on the majority government and counting on their effectiveness and the resolve to tackle issues, then probably buying today may not be a bad idea," she adds.

9:20 am Market outlook: Ajay Srivastava, CEO, Dimensions Consulting says, unless there is a major surprise of 300 plus seats then you are talking of 4-5 percent up very clearly in the market. "Lots of people have booked profits including ourselves in the last couple of days which may like to redeploy their money into select stock if it is 300 plus. If it is going to be 270 or thereabouts, I think we are looking at a flattish kind of closing. If it is much below 270, we all go to the temple," he said.

9:17 am Winners and losers: SBI, HDFC Bank, BHEL, Axis Bank and L&T stocks are major gainers in the Sensex, up 4-9 percent each.  Only Dr Reddy's Labs is a laggard in the Sensex, losing 1 percent.

9:15 Market opening: 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.


9:01 am Rupee opening: The Indian rupee opened sharply higher on the election results day. It is trading at 59.92 against 59.29 Thursday.

The rupee strengthened to its highest level in about 10 months on Thursday, while also posting its biggest single-day gain in nearly three weeks on the back of sustained dollar inflows into domestic shares ahead of election results.

In pre-opening trade, the Nifty has hit 7200 as the D-day to the most hotly contested elections is here. Even though the exit polls might have given away some of the suspense at least in terms of a trend, it's still going to be a nail biting finish as the focus begins to shift to government formation.

The last 1000 points in the Nifty's run can be attributed to what market men are calling the 'hope rally'. 'Modi'fied market is heading into the election verdict at record highs. Meanwhile, Asian equities tumbled on Friday following a selloff in global equity markets, while India is in the spotlight before its general election results.

BJP is already in celebration mode but the mood is muted at the Congress office. There is massive security in place across the country as counting day beckons.

All roads lead to Modi in Gandhinagar as the BJP begins to celebrate.

Sebi shores up its defenses as it braces for volatility in trade today. The market regulator promises a stable market environment for investors.

Wall Street shares fell for a second sessionas the 10 year Treasury yield dropped below 2.5 percent to a fresh six-month low. Both the Dow Jones Industrial Average and the S&P 500 lost 1 percent each while the Nasdaq closed down 0.8 percent.

European stocks were hit following disappointing gross domestic product data. The German and French benchmark indices lost over 1 percent each while Spain's Ibex dropped over 2 percent after data showed the euro zone economy grew a quarterly 0.2 percent in the first three months of the year

China's Shanghai Composite was flat at 2,025.53. Hong Kong's Hang Seng slipped 0.56 percent or 127.47 points at 22,603.39.

Japan's Nikkei shed 1.53 percent or 218.76 points at 14,079.45. Singapore's Straits Times was flat at 3,269.87.