Sensex opens 20 points lower in flat session

The BSE Teck index rises 0.35% to be the biggest gainer, while the power index was the biggest loser, falling 2.14%




 he 30-share bellwether BSE Sensex on Tuesday almost 20 points lower in a flat session after rising to a record high on Monday.

At 9.20am, the benchmark index was trading down 0.09%, or 19.51 points, at 21,306.91 points, while the National Stock Exchange’s (NSE’s) broader 50-share index Nifty was trading down 0.2%, or 12.45 points, at 6351.45 points.

The BSE Teck index rose 0.35% to be the biggest gainer, while the BSE Power index was the biggest loser, falling 2.14%.

The gainers included Bharti Airtel Ltd that rose 1.05% to Rs.340.25 and Tata Power Co. Ltd that rose 0.73% to Rs.89.70.

Among the losers, NTPC Ltd shares lost 7.47% to Rs.141.80, while Bharat Heavy Electricals Ltd (Bhel) that lost 2.27% to Rs.167.80.

On Monday, the Indian stock markets rallied to a record high and the rupee appreciated to a four-month high against the dollar after Bhartiya Janta Party (BJP) wrested the political momentum away from the ruling Congress in assembly elections in four states.

New Delhi: A day after the Bharatiya Janata Party (BJP) wrested the political momentum away from the ruling Congress in assembly elections in four states, Indian stock markets rallied to a record and the rupee appreciated to a 4-month high against the dollar.

The BJP’s resurgence under the leadership of Narendra Modi has stoked hopes that the party would retain the present form and regain power in the next Lok Sabha election scheduled in April-May. The markets are betting that a dominant showing by the BJP would provide much-needed political stability and thereby the space to kickstart reforms.

The benchmark S&P BSE Sensex and the broader index Nifty on the National Stock Exchange rose to record highs.

The Sensex rose 2.3% in early trade to 21,483.74 points intra-day—an all-time high—while the 50-share Nifty rose to 6,415.25 points—a lifetime high. The Sensex later closed at 21326.42 points, up 1.57%, from the last close while Nifty closed at 6317.35 points, up 1.66% .

“The most positive thing is the change in the way voters is thinking. They have given a thumbs down to populist measures and slogans and opted for growth and governance,” Navneet Munot, chief information officer at SBI Mutual Fund, said. “The voter now is much more informed,” Munot said.

Others argued similarly.

“Capital markets have started responding favourably to the prospects of a change in government, in the hope of an improvement in growth and governance due to change in political leadership,” Motilal Oswal Financial Services Ltd said in a note on Monday.

ISHWAR SINGHAL
PGDM 1st YEAR
SOURCE -HT