Stock markets in green after a decisive election victory by Modi government

Mumbai: Equity benchmark indices opened higher on Friday, a day after a decisive win by Prime Minister Narendra Modi-led ruling National Democratic Alliance in the general elections.

At 10:00 am, the BSE S&P Sensex was up 75 points at 38,887 while the Nifty 50 gained 16 points to 11,673. At the National Stock Exchange (NSE), all sectoral indices except IT were in the positive zone.

Among the early gainers were Zee Entertainment, Larsen & Toubro, Mahindra & Mahindra, Bharat Petroleum and Bharti Airtel.

However, ONGC, Bajaj Auto, Titan, Adani Ports, and Hindustan Lever were in the red.

Investors said traders may wait for a correction in the market over the next few days before going forward.

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On Thursday, profit booking dragged the stocks lower despite the mandate to Modi for pursuing business-friendly policies and taking decisive action on national security.

Meanwhile, most Asian stock indices were in the negative zone amid mounting concerns that trade dispute between the United States and China could cripple global growth.

Besides, investors resorted to safe-haven assets after factoring in bleak US factory data a day earlier.


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