A Week Of High Returns As The Election God Smiles On Investors

A Week Of High Returns As The Election God Smiles On Investors

Sensex & Nifty Soar To The New High Post Gujarat Election Result

Market This Week

The market started on a negative note on Monday as early trend showed close fight in Gujarat & H.P. But once the majority was seen in the BJP's side market started to move upward. On the result day, Nifty rallied over 100 points and Sensex over 300 points. The market continued to trade slightly higher. The market made a new high as along with election result there were positive domestic and global cues. Domestic investors continued their buying run. Broader market continued to outperform indices as Nifty midcap and smallcap rallied up to 5-6% throughout the week. Few stock specific rallies were seen as good buying happened in certain stocks.

Movers & Shakers

KEC International has got orders worth Rs.1,636 crore across India, SAARC, Africa and the Americas for its transmission and distribution business. The cable business won various orders worth Rs.115 crore. Railway and civil businesses received job contracts worth of Rs.595 crore and Rs.78 crore, respectively.

Pincon Spirit was the biggest loser in the market for the week as SEBI has ordered a forensic audit of Pincon Spirit Ltd, which figures in the list of suspected shell companies, to check misuse of funds even as the regulator lifted trading curbs imposed on it.

Key Market Drivers

The biggest news came on Monday as Modi led BJP party won Gujarat and Himachal Pradesh state polls. While in Himachal Pradesh BJP won convincingly in Gujarat it had to face a tough fight.

India's trade deficit narrowed to USD 13.83 billion from USD 14.02 billion in the previous month. Goods imports last month were USD 40.02 billion, a gain of 19.61 percent from a year ago, data from the commerce and industry ministry showed.

The US Senate approved

 

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