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Opening Bell: Sensex rises 250 points, Nifty around 11,750 on election results; OMCs gain

Opening Bell: Sensex rises 250 points, Nifty around 11,750 on election results; OMCs gain

Opening Bell: Sensex rises 250 points, Nifty around 11,750 on election results; OMCs gain
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By CNBC-TV18 May 24, 2019 9:51:30 AM IST (Published)

At 9:20 am, the Sensex was up 285 points at 39,096, and the Nifty50 was trading 73 points higher at 11,731.

Indian shares opened higher on Friday after a historic mandate won by the Narendra Modi government in the 2019 Lok Sabha elections. Election commission data showed Modi’s National Democratic Alliance has secured 350 seats, with BJP alone winning 303 seats in the 2019 general elections. Global cues, however, remained negative. Asian shares traded near four-month lows and crude oil plunged on worries over the US-China trade conflict.

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At 9:20 am, the Sensex was up 285 points at 39,096, and the Nifty50 was trading 73 points higher at 11,731.
BPCL, IOC, Indiabulls Housing, HDFC Bank and L&T were among the major gainers on the Nifty50, whereas Bharti Infratel, Zee, Bajaj Auto, TCS, and Bajaj Finserv were the top losers on Nifty50.
All sectoral indices rose at the opening, with the banking sector gaining the most. The Nifty PSU Bank was up nearly 1.8 percent followed by Nifty Realty (up 1.5 percent) and Nifty Bank (up 1.3 percent). Nifty Fin services and Nifty Pharma also gained in morning deals.
Nifty PSU Banks gained on hopes of a rate cut in the next monetary policy meet. Bank of Baroda, Bank of India, Central Bank, Canara Bank, and Union Bank of India were the top performers on the index.
Shares of oil marketing companies rose, with IOC and BPCL up over 3 percent each as oil markets stabilised amid OPEC supply cuts and tensions in the Middle East, after posting their steepest falls since the start of the year earlier in the week on the back of a global economic slowdown.
Reliance Capital gained 4 percent after the company signed binding agreements with Nippon Life Insurance to sell its stake in Reliance Nippon Life Asset Management (RNAM).
Globally, MSCI’s broadest index of Asia-Pacific shares outside Japan edged down 0.2 percent to a fresh four-month low and was on track for a third straight weekly loss, down 1 percent so far on the week. Chinese shares recovered slightly, with the benchmark Shanghai Composite up 0.2 percent and the blue-chip CSI 300 rising 0.3 percent, while Hong Kong’s Hang Seng added 0.2 percent. Japan’s Nikkei average dropped 0.7 percent.
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