Sensex rallies 623 points, Nifty settles at 11,844; ICICI Bank gains 5%

CNBC

Market close: Indian indices ended near day's high level on May 24 after BJP led NDA government got clear mandate in the Lok Sabha Election 2019.

At close, the Sensex was up 623.33 points at 39434.72, while Nifty was up 187.10 points at 11844.10. About 1823 shares have advanced, 676 shares declined, and 150 shares are unchanged. 
ICICI Bank, Zee Entertainment, Vedanta, Tata Steel and Bharti Airtel were among major gainers in the Nifty, while Tech Mahindra, NTPC, ONGC, TCS and HCL Tech were some of the losers.
All the sectoral indices ended in the green led by BSE PSU Bank (up 5.5%) followed by auto, metal and infra gained more than 2 percent. 
Market Check: Benchmark indices are trading strong with Nifty crosses 11,800 level.
At 13:47 hrs IST, the Sensex is up 511.30 points or 1.32% at 39322.69, and the Nifty up 151.40 points or 1.30% at 11808.40. About 1588 shares have advanced, 702 shares declined, and 132 shares are unchanged. 
Earnings
GVK Power has reported a profit at Rs 69.4 crore due to tax write-back and higher revenue in March quarter.
Profit in same period last year stood at Rs 23 crore.
Tax write-back for the quarter stood at Rs 85.4 crore against tax expenses of Rs 4 crore in corresponding period last year.
Revenue jumped to Rs 13.8 crore from Rs 3 crore YoY.
Cummins Guidance
Cummins India said its domestic revenue to grow at 10-15 percent in FY20 and exports revenue to be flat or to decline marginally.
The company sees uncertainties across many geographies, but is not sure if exports have bottomed out.
"We are not excited w.r.t exports for FY20, but very optimistic about domestic sales," it said.   
Salzer Electronics surges 12% after Q4 Earnings
Salzer Electronics reported a healthy earnings growth in January-March quarter with profit growing 72.8 percent to Rs 8.4 crore and revenue rising 22.3 percent to Rs 155 crore YoY.
EBITDA increased 2.8 percent to Rs 16.9 crore, but margin fell 200 bps YoY.  
SPIC Rallies 7% Post Earnings
Southern Petrochemical Industries Corporation has reported a profit at Rs 16.5 crore in March quarter against Rs 6.8 crore in same period last year.
Revenue grew by 15.2 percent year-on-year to Rs 456 crore, but EBITDA fell 11.8 percent and margin contracted 170 bps YoY.  
Buzzing: Share price of Jet Airways tanked over 8 percent after reports stated that Hinduja Group and Etihad Airways have failed to strike a deal to buy a stake in the cash-strapped airlines.
India Strategy Note by Emkay after Modi Government won Elections 2019
With a renewed reinvigoration, the BJP government is in for a second term, riding on Mr Modi’s brand equity. We believe that the second innings will lead to renewed strength in pushing strong reforms. For instance, the last innings witnessed two of the largest structural reforms — the demonetisation and the implementation of the GST.
In our view, the agenda for the next five years should revolve around “Business as Usual”, a continuation of the past policies and schemes. The government may, this time, focus on: 1) more of financial inclusion; 2) spending on infrastructure development for roads, railways, housing, etc.; 3) fiscal consolidation; 4) smoothening of earlier reforms such as GST, RERA, and BFSI reforms; 5) job creation for which the government has been severely criticized for; and 6) digitization.
We believe that the government measures and spending would focus toward capex activities, while consumption would take a backseat.
Adani coal approvals due by mid June: Australia's Queensland state said on Friday that the process to obtain final approvals for Adani Enterprise's controversial Carmichael coal mine must be wrapped up by mid-June.
Crude Update: Oil markets stabilised on Friday amid OPEC supply cuts and tensions in the Middle East, after posting their steepest falls since the start of the year earlier in the week on the back of a global economic slowdown and swelling fuel inventories.
Market opens: It is a positive start for the Indian indices on May 24 after Election 2019 results gave clear mandate to the BJP led NDA government.
At 09:16 hrs IST, the Sensex is up 348.76 points at 39,160.15, while Nifty is up 114.40 points at 11771.40. About 464 shares have advanced, 124 shares declined, and 20 shares are unchanged. 
HDFC Bank, IOC, HPCL ,BPCL, Yes Bank, Kotak Mahindra Bank, Yes Bank, IndusInd Bank, L&T, Asian Paints, Axis Bank, RIL, Bajaj Finance are the major gainers on the indices, while losers are ONGC, Bharti Infratel, Bajaj Auto, Tech Mahindra and HCL Tech.
All the sectoral indices are trading in green led by bank, infra, auto, energy, metal and pharma.
Market at pre-opening: Indian indices are trading higher in the pre-opening session with Nifty above 11,750 level.
At 09:01 hrs IST, the Sensex is up 64.57 points or 0.17% at 38875.96, and the Nifty up 102.70 points or 0.88% at 11759.70.
HSBC
Near-term growth could inch up as election uncertainties fade
Growth will depend on reforms to augment capital & labour 
Morgan Stanley
Market's focus will shift to growth cycle on which we are constructive
Expect RBI to be more accommodative 
Expect economy to come out of its soft patch of the past few months
CLSA
With a bulk of disruptive reforms now behind, focus will shift to growth
Absolute majority would reduce the need for competitive populism
Credit Suisse
BJP coming power implies greater stability
Remain overweight on banks; like SBI, ICICI & HDFC Bank
Nomura
Outcome is better than expected & promises a stable pro-reform govt
Expect govt to reiterate Its Interim Budget fiscal deficit target of 3.4% of GDP for FY20
PhiillipCapital
Expect augmented focus on infrastructure development & rural India
Expect GDP growth at 7.3%/7.5% for FY20/21
Nifty target for March 2020 is 12,200-12,700
Kotak Institutional Equities
Capital goods, construction, building materials may benefit in coming Days
Corp banks, power equip, housing fin cos & rural-focused cos will benefit
Citi
NDA may inch towards Rajya Sabha majority by November 2020
10-year bond yield may struggle to break below 7.15% without a catalyst
Asian markets trade weak: Asian shares hobbled near four-month lows on Friday and crude oil plunged on worries the US-China trade spat was developing into a more entrenched strategic dispute between the world's two largest economies, pushing investors to safe-haven assets.
US markets end lower: US stocks slumped on Thursday as investors dumped shares of companies in growth and cyclical sectors, with energy and technology leading declines, on fears that the escalating US-China trade war would stymie global economic growth.
SGX Nifty: Trends on SGX Nifty indicate a positive opening for the broader index in India, a gain of 58 points or 0.50 percent. Nifty futures were trading around 11,746.50-level on the Singaporean Exchange.