Sensex, Nifty rally again as Modi euphoria continues into new week

Commentary

oi-Sunil

By Sunil Fernandes

Published: Monday, May 19, 2014, 9:32 [IST]

The Sensex and the Nifty continued to rally as the Modi euphoria continued into the new week. The Sensex was trading with gains of 158 points to 24,280 points, while the Nifty rallied 48 points in trade.

Among the early gainers in trade were the HDFC twins with HDFC Bank and HDFC both gaining more than two per cent. Other prominent Nifty winners were Maruti Suzuki, Larsen and Toubro, SBI, Sesa Sterlite and Axis Bank.

Tech stocks were hammered once again, as the rupee rallied sharply against the dollar. The rupee hit the highest level since June 2013, with saw software stocks like Infosys, TCS and Wipro losing heavy ground.

Among the few other Nifty stocks that lost ground in trade were HUL and Dr Reddy's.

Infra and construction stocks were once again in the limelight with Gammon Infra rallying more than 5 per cent, while other notable gainers were GMR Infra.

PSU banking stocks which have had a stellar rally in the past few trading sessions continue to grind higher with gainers being State Bank of India, Canara Bank, Union Bank of India, IDBI bank and Bank of India.

Shares in SpiceJet fell four per cent after its net losses widened. Adani Enterprises on the other hand rallied further after the company reported a good set of quarterly results.

Real estate stocks continued to have a spectacular run with notable winners being Unitech, which gained 5 per cent and Sobha Developers and Indiabulls both rallying three per cent each.

Meanwhile, markets in Asia were trading with losses the Chinese Shanghai Composite and the Hong Kong's Hang Sang both down in trade.

GoodReturns.in