homemarket NewsMangalam Maloo's market update on May 24: Sensex, Nifty likely to open higher; Reliance Capital, GIC Re, Cipla in focus

Mangalam Maloo's market update on May 24: Sensex, Nifty likely to open higher; Reliance Capital, GIC Re, Cipla in focus

Indian shares are set to open with gains on Friday as uncertainty around the Lok Sabha elections faded after a historic mandate won by the Narendra Modi government. Election commission data showed Modi’s National Democratic Alliance has secured 350 seats, with BJP alone winning 303 seats in the 2019 general elections.

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However, negative global sentiment could limit gains for Indian shares. Asian shares traded near four-month lows and crude oil plunged on worries the US-China trade conflict could turn into a more entrenched strategic dispute between the world’s two largest economies.
Indian benchmark indices the BSE Sensex and NSE’s Nifty 50 hit all-time highs in the previous session but settled 0.7 percent lower. In intra-day deals, the Nifty touched 12,000 mark and Sensex crossed 40,000 amid strong sentiment after the trends indicated that the NDA was set for a massive win.
Earlier, the BSE Sensex gained as much as 1,015 points to hit a new high of 40,125, surpassing the previous high of 39,571.73 hit on May 21. Meanwhile, Nifty also surged 303 points to hit a record high of 12,041, surpassing the previous high of 11,883, hit on May 21.
However, after profit booking, the Sensex settled 299 points lower at 38,811, 1,314 points lower from a record high, while the Nifty50 lost 81 points to end at 11,657, down 384 points from a record high.
At 7.00 AM, SGX Nifty, an early indicator of the Nifty 50's trend in India, traded 62.50 points, or 0.54 percent, higher at 11,741.50, indicating a strong start for the Sensex and the Nifty.
Stocks to watch: Reliance Capital, GIC Re, Cipla in focus.
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