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Market Rallied As Exit Polls Conducted By Various Media Agencies Have Predicted A Clear Majority To The NDA

Indian markets posted strong gains on Monday as a majority of exit polls forecast a return of the Modi government to office with the NDA securing more than 300 seats to comfortably cross the majority in the Lok Sabha.

The market was already factoring in a second term of the Modi government but the margin of victory was something that was in question. The exit polls suggest that the Modi government should be able to form the government on its own, which cheered investor sentiment.

Nifty rallied more than 400 points to close at 11826 levels after making a high of 11845, an all-time high of Nifty is 11856, crossing this level will add further bullishness in the market.

Sector Analysis

As markets rallied today after exit poll, the top 5 sectors which has outperformed with Nifty were Power (6.23%), Banks-Private And PSU (5.51%), Infrastructure Construction And Engineering (5.39%), Cement & Cement Products (5.35%) and Metals And Mining (5.11%).

The top 5 minor sectors which have performed well in the rally were Carbon (6.23%), Packaging (5.91%), Paper (5.27%), Sugar (5.22%) and Defence (5.09%). In major sectors the following companies has outperformed: GE T&D India Limited (Power) up by 17.99%, NCC (Infrastructure Construction and Engineering) up by 11.55%, Birla Corporation (CEMENT & Cement Products) risen by 9.08%, Jindal Stainless (Metals and Mining) risen by 11.26% and so on. In minor sector, Phillips Carbon Black (Carbon) up by 6.90%, Time Technoplast (Packaging) up by 14.20%, JK Paper (Paper) by 7%, Avadh Sugar & Energy (Sugar) 7.74%, VA Tech Wabag(Services) up by 9.06% and so on.

The US 10 Year T-Note is trading at 124.26. The Bond has crucial support at 117.42 made on 5th Nov 2018. The US Dollar Index is trading at 97.812.

DISCLAIMER: The investment advice or guidance provided by way of recommendations, reports or other ways are solely the personal views of the research team. Users are advised to use the data for the purpose of information and rely on their own judgment while making an investment decision.

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