Indian shares continue to ride Modi rally; utilities, financials lead
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Indian shares inched higher on Monday, boosted by gains in utility and financial stocks, as cheer over Prime Minister Narendra Modi's return for a second term in office continued to buoy investor sentiment.
Modi-led Bharatiya Janata Party (BJP) witnessed a landslide victory in the general election results on Thursday and markets have been jubilant over hopes that the prime minister would pursue business-friendly policies.
"We have a new government and we are seeing stock specific rally. There will be sectors which are likely to outperform and markets are now waiting for a new policy," said AK Prabhakar, head of research at IDBI Capital in Mumbai.
The broader NSE index was up 0.35 per cent at 11885.75 as of 0500 GMT, while the benchmark BSE index was trading 0.42 per cent higher at 39601.55.
Shares of NTPC Ltd and Yes Bank Ltd were up over 4.5 per cent each, while Power Grid Corporation India was trading nearly 2 per cent higher.
Industrial conglomerate Larsen & Toubro, which started a hostile takeover bid for Bengaluru-based IT firm Mindtree Ltd in March, was among the top five gainers on the NSE index. The company on Friday increased its stake in Mindtree to over 28 per cent.
Shares of Interglobe Aviation Ltd rose as much 1.9 per cent to 1,653 rupees. Interglobe is scheduled to post quarterly results later in the day.
JSW Steel and Bharti Airtel were among the major losers, both inching nearly 2 per cent lower.
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Comments (31) Closed
May 27, 2019 12:11pm
Modi's Magic !!
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May 27, 2019 12:31pm
Unstoppable India. The world is looking to india to rule
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May 27, 2019 12:32pm
Middle East is collapsing, China - US are hell bent on bringing each other down, Europe seems lost at sea.
Only India is stable and getting stronger day by day!
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May 27, 2019 12:33pm
The world looks up to India to save them
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May 27, 2019 12:34pm
India is on a high. Confidence is a million percent. Speak to my indian friends and the confidence in their eyes when they speak about INDIA is enviable
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May 27, 2019 12:40pm
India is trying to land the business leaving China. India is also trying to make up shortfalls in China due to reduced imports from the US. India achieves by being patient.
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May 27, 2019 01:01pm
What’s the point of all this is if the Awaam is so poor to have access to proper housing, food and education.
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May 27, 2019 01:36pm
This rally is temporary, Indians believe on steady growth..
India is slowly steady achieved new heights, will going to achieve further.
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May 27, 2019 02:15pm
It is really surprising that ' the devider in chief ' invokes so much confidence in investors.
That too both domestic and foreign investors. Very fishy indeed.
Henceforth the media pundits should always insert a disclaimer before any articles.
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May 27, 2019 02:39pm
This is what can be expected when a government plans to spend USD 1.5 Trillion in next 5 years on infrastructure alone....
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May 27, 2019 02:53pm
@Omar, poverty will never finish look at US donated billions to you but still there are homeless
What you have to say about that
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May 27, 2019 03:41pm
@Omar, it is the people's job to study and work hard to join the development process and take advantage of the growing economy.
There is no free meal and there should be no free meal. People should focus on that instead of producing babies and celebrating call the time.
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May 27, 2019 03:44pm
@A shah, ok dear, calm down!
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May 27, 2019 03:53pm
@Omar, Nobody's fault if your understanding about the market is poor.
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May 27, 2019 03:59pm
@Omar, and sitting idle or sinking economy will make everyone prosperous. ???
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May 27, 2019 04:17pm
@Omar, please worry about people of Pakistan!!
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May 27, 2019 05:12pm
I do not have exact numbers
But millions of Indians are coming out of poverty with government initiatives each year and millions are adding up in middle class every year. It's a slow process but India is surely on steady right track. Goverment spending extensively on infrastructure. In fact current goverment planning to spend $1000 billion in next five year by 2024 on infrastructure development.
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May 27, 2019 06:27pm
@Omar, "What’s the point of all this is if the Awaam is so poor to have access to proper housing, food and education." Why are you talking about Pakistan? Talk about India where housing, food and education are accessible to everyone and it is getting better day by day under Modi's leadership.
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May 27, 2019 07:59pm
@Omar, still in better condition than their Western neighbor.
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May 27, 2019 08:00pm
@Omar, Indians have far better access to food, house and education than their Pakistani counterparts.
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May 27, 2019 08:00pm
@Omar, our awaam is less poor than pakistan's who are yet to getvrid of polio and lack water and electricity.
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May 27, 2019 08:02pm
@Omar, take a look at your economy and then talk ! No food, water, electricity, toilets, education. And to top it all... Economy is on dialysis !
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May 27, 2019 08:03pm
@Omar, quite rich that it comes from our West neighborhood where polio is still rampant !
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May 27, 2019 08:05pm
@Omar, Awaam despite being poor us in better condition than their Pakistani counterparts who don't even have hospitals after 70 odd years. Not to forget the economy which is in coma since eternity.
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May 27, 2019 08:19pm
And you pakistani says that indian are not having latrines..
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May 27, 2019 10:41pm
@Omar, with us its getting better everyday. Every single day. Everyone tends to quote 2010 census figures. I believe 2020 figures will prove very surprising for a lot of ppl. Well wishers and nay waters alike
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May 28, 2019 01:50am
@Omar, "What’s the point of all this is if the Awaam is so poor to have access to proper housing, food and education."
For your information: Poor children in India can join government boarding schools, which provide free food, boarding and education. All the old people, who did not have government jobs, get 2 to 3 thousand rupees per month as pentions. Government stalls serve lunch for Rs. 5.- or less. Poor people get 1 KG rice/ Dal per one rupee from governmnt shops. If somebody really wants to work, there is enough work.
There are no beggers any more in India.
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May 28, 2019 04:05am
@Omar, I know there's no point answering because you don't have the capacity to understand. But in every country on earth development works by increasing the amount of wealth in the country, not by redistributing the limited wealth available. That is exactly what GDP figures show. You can keep crying about some farmers that you have never met, but the solution to your ignorance is knowledge.
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May 28, 2019 04:19am
For those who keep asking what does this mean, this means the country is getting richer. In 1990, India had no middle class and the economy was worth $316 billion (about the same as Pakistan today). Since pursuing the capitalist policies that liberals and leftists hate so much, India has over 450 million middle class people and the wealth in the country has risen to about $2.8 trillion by 2019. By 2025, GDP is expected hit $5 trillion, meaning the wealth of Indians will almost double. We're entering the same period of remarkable growth that China had in the 1990s, except we didn't sell our freedom to get it.
What leftists want to do is divide up little pieces of pie in exchange for votes. What capitalists want is to make the size of the pie bigger for everyone so you get a bigger slice. When people have money they send their kids to school, they can afford healthcare, they have disposable income and all of the problems that leftists pretend to care about resolve themselves.
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May 28, 2019 05:36am
@Omar, what about Pakistan everyone has ??
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May 28, 2019 08:50am
@Malatesh, Come to India and see. All new generation are educated. All are getting jobs easily. For example my main rand INR Rs35 000 per month. My car washer earns Rs 65 000 per month. Ten years from now you will see more than 90% literacy rate as the older generation will pass away. Criteria of being poor in India is higher . To enter into middle class in India a family should warn atleast Rs 1 Crore according to govt of India.
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