Mumbai: Indian markets closed on a positive note last week; benchmark indices gained over 1.3% as private banks and financials led the gains. Nifty closed above the 11,400-mark after 7 trading sessions.
For the week, Nifty 50 index gained 1.2%, Sensex closed up by 1.3% and Nifty Bank index rose 1.5%. Bajaj Fin 13%, Bajaj Finserv 8% Titan 5.4%, HeroMoto 5%, Kotak Bank 5%, BPCL 4% were among nifty gainers whereas Sun Pharma -7%, DRL -5.3%, Tata Motors -4.7%, IndusInd Bank -4.6%, JSW Steel-3.6% were among nifty losers.
From the midcap space, Tata Global deserves a mention as it gained 19.4% post the announcement of demerger plan with Tata Chemicals which gained 5%. Union Bank slipped 16% post announcing Q4 earnings and weak asset profit.
Politics will take centre stage this week as we enter the last lap of the race to 7 LKM Prime Minister’s official residence.
Last phase of polls
The seventh and final phase of polling for Lok Sabha election is underway, as many as 59 constituencies in 8 states went to poll today. The key contests in today’s polls are PM Modi who is contesting from Varanasi, IT Minister Ravi Shankar Prasad who is contesting from Patna Sahib against Shatrughan Sinha. Sinha is former BJP Leader and sitting MP from Patna who is contesting on Congress ticket.
An election exit poll, which is considered as an indicator to which party will get to form the government, will be released today. The data will be the most crucial cue for market which opens on Monday. Market closed with gains on Friday, any exit poll giving less then majority to the ruling government may affect market trade tomorrow.
Counting of votes
The result of India’s marathon 6-week polling will be known on Thursday, counting of votes will start early morning from 8am, may take longer this time as EC officials match the VVPAT slips to votes. A fractured mandate for the ruling party will spoil the mood on Dalal Street.
HDFC Bank stock split
HDFC bank board will meet on Wednesday to decide on splitting the stock. Division of shares gives more liquidity to stock. HDFC Bank board will consider splitting equity shares face value of Rs 2 each to two equity shares of face value of Rs 1 each.
Opposition parties which are trying to stop the victory march of the ruling government will meet on Tuesday to decide on its PM candidate in case it gets the required numbers. UPA Chairperson Sonia Gandhi, too, has invited non-NDA parties for a meet on Thursday.