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Markets Trade Higher Ahead of Exit Polls
Indian markets were trading higher, ahead of exit poll data to be announced on Sunday.
The indices have already lost as much as 4 per cent, since hitting peak levels. The Sensex was trading with gains of near 200 points. Marketmen expect it to be a day of immense volatility, ahead of the exit polls, which will be announced after 5 pm on Sunday. Today is the last trading day before whih investors would like to take positions.
Bajaj Finserv, Hero Motor Corp lead gainers
Shares in Bajaj Finserv and Hero Motor Corp were leading the gainers. Both the stocks were up 4 per cent each in trade. Investors were also taking shelter in safe FMCG stocks like Hindustan Unilever, which was up 2 per cent.
European markets open lower
European markets opened lower with the German DAX down 0.66 per cent, and the French CAC is 0.45 per cent.
Sensex surges to day's high
The Sensex surged 321 points to the day's high crossing the 37,800 points level. Gains were led by Hero Motor Corp, IndiaBulls Housing, Mahindra and Mahindra and Kotak Mahindra Bank.
Shares of PNB Housing Finance fell more than 3 percent intraday today after its promoter company Punjab National Bank (PNB) terminated the share purchase agreement (SPA) entered into with Varde Holdings for the sale of the housing finance company.
Shares of City Union Bank gain
Shares of City Union Bank gained after the bank reported a good set of results. The Net profit at the bank rose to Rs 175.11 crore versus Rs 152.12 crore. The shares were last trading at Rs 199, up 2 per cent.
Sensex up 200 points
The Sensex was trading higher by 200 points and the Nifty was up 55 points. Strong gains were seen in heavyweights like Reliance Industries and HDFC Twins. Yes Bank, which surged more than 4 per cent, gave-up gains.
Rupee recovers
The Indian rupee has recovered from the day's low hit in the early trade on Friday. It's currently trading lower by 15 paise at 70.18 per dollar versus previous close 70.03. The currency may get increasingly volatile as we head closer to the election results.
Hindalco, Sun Pharma top losers
Hindalco, which had rallied on Thursday saw profit booking and was the top Nifty loser on Friday. Sun Pharma, which has been extremely volatile also lost ground. Other losers were Tata Motors, IOC and Adani Ports.
Shares in Aurobindo Pharma fell 6.5 percent in trade on Friday after USFDA classified the inspection as Official Action Indicated (OAI). The shares of the company were last trading at Rs 679.
Reliance Capital, Reliance Nippon surge
Shares in Reliance Capital and Reliance Nippon surged, after reports that Nippon Life will acquire a majority of Reliance Capital's stake in the venture. Reliance Capital shares were up 3 per cent, while shares in Reliance Nippon rallied as much as 6 per cent.
Shares in JK Tyres fell 3 per cent, following results that disappointed the street. Praj Industries on the other hand saw a surge in its share price, after its net profits beat expectations. The shares were up 2 per cent at Rs 132 a piece.
The Indian rupee opened at 70.26 per dollar on Friday versus previous close of 70.03. Even on the back of gains in crude oil prices, the domestic currency for the third-consecutive session moved lower and lost some ground. Global cues were also weak, which put some pressure on the currency.
Indian markets opened the day higher, ahead of exit poll data to be announced on Sunday. The Sensex was trading with gains of 203points, while the Nifty was up 51 points. Yes Bank was leading gainers in early morning trade, rallying almost 4 per cent at Rs 142.
