Indian shares continue to ride Modi rally; utilities, financials lead

Published May 27, 2019
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. — AFP/File
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. — AFP/File

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.

Follow Dawn Business on Twitter, LinkedIn, Instagram and Facebook for insights on business, finance and tech from Pakistan and across the world.

Editorial

Ominous demands
Updated 18 May, 2024

Ominous demands

The federal government needs to boost its revenues to reduce future borrowing and pay back its existing debt.
Property leaks
18 May, 2024

Property leaks

THE leaked Dubai property data reported on by media organisations around the world earlier this week seems to have...
Heat warnings
18 May, 2024

Heat warnings

STARTING next week, the country must brace for brutal heatwaves. The NDMA warns of severe conditions with...
Dangerous law
Updated 17 May, 2024

Dangerous law

It must remember that the same law can be weaponised against it one day, just as Peca was when the PTI took power.
Uncalled for pressure
17 May, 2024

Uncalled for pressure

THE recent press conferences by Senators Faisal Vawda and Talal Chaudhry, where they demanded evidence from judges...
KP tussle
17 May, 2024

KP tussle

THE growing war of words between KP Chief Minister Ali Amin Gandapur and Governor Faisal Karim Kundi is affecting...