Markets trend higher amid post-election euphoria, Nifty closes above 11,920

Mumbai: Equity markets traded with a positive bias on Monday with investors hoping that Prime Minister Narendra Modi will accelerate measures to boost economic growth during his second term after a spectacular victory in the general elections.

At the closing bell, the BSE S&P Sensex was up 249 points at 39,683 while the Nifty 50 gained 81 points to settle at 11,925.

At the National Stock Exchange, all sectoral indices except pharma, IT and media were in the green. Metals, banks and realty surged over 2 per cent.

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Among stocks, Tata Steel was up 5.8 per cent while Yes Bank, Indian Oil, NTPC and Larsen & Toubro gained between 3 to 4 per cent.

The volume toppers in value terms were State Bank of India, Larsen & Toubro, ICICI Bank, Yes Bank and Reliance Industries.

However, Manpasand Beverages tumbled 20 per cent down at Rs 88 after Independent Director Bharat Vyas and Director Dhruv Agrawal resigned from the company.

The firm’s Managing Director Abhishek Singh, his brother Harshvardhan Singh and Chief Financial Officer Paresh Thakkar were recently arrested by the Central GST (CGST) and Customs Vadodara for creating fake company units and committing tax invasion.

The other losers were Zee Entertainment, IndusInd Bank, Reliance Industries, Bharti Airtel and Tech Mahindra.

Meanwhile, Asian stocks were mixed as investors assessed valuations after declines over the past three weeks.

Japan stocks moved up higher marginally while Hong Kong and China stocks fell. Main equity gauges in Australia and South Korea were little changed.

Worries lingered as the US-China trade conflict threatened to snowball into a technology cold war between the world’s two largest economies.


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