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Nifty may consolidate after Lok Sabha election results, says Alchemy Capital

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Hiren Ved, director & CIO at Alchemy Capital Management, shared his views on markets and 2019 Lok Sabha election results.

Hiren Ved, director & CIO at Alchemy Capital Management, shared his views on markets and 2019 Lok Sabha election results.
On stocks market, Ved said, “The market did make a big move immediately after the exit polls were out. We had a massive move and the actual results seem to be in-line or even better than what the average of the exit polls was. So, I think my view is that while the sentiment is good and the direction is likely to be positive, I think incrementally from here the action should shift from the Nifty to the broader markets over time.”
“Since 2018 and then in early 2019, we have been seeing that the markets have been very narrow led by just a few stocks. I think that to my mind is likely to change. We are going to see a foundation that is being laid for the broader markets to start moving up and participating as well", Ved added.
“The Nifty may go into consolidation because we have had a big move immediately after the exit polls and it is quite possible that after such a big move the market consolidates, everybody digests this move, and over time I think that you will have the broader markets starts to participate. So, I do not think that Nifty can just completely run away from these levels, but I think more critical is that the breadth of the market should improve,” Ved said.

Market Movers

CompanyPriceChange%Gain
Adani Ports694.35 47.45 7.33
Bajaj Auto4,167.10 113.20 2.79
HUL2,482.90 65.20 2.70
Bharti Airtel538.75 10.10 1.91
Grasim1,480.75 22.55 1.55
CompanyPriceChange%Gain
HUL2,480.75 63.85 2.64
Bajaj Auto4,164.95 105.95 2.61
Bharti Airtel538.90 10.20 1.93
Bajaj Finserv11,998.00 179.95 1.52
IndusInd Bank994.90 10.65 1.08
CompanyPriceChange%Gain
Adani Ports694.35 47.45
Bajaj Auto4,167.10 113.20
HUL2,482.90 65.20
Bharti Airtel538.75 10.10
Grasim1,480.75 22.55
CompanyPriceChange%Gain
HUL2,480.75 63.85
Bajaj Auto4,164.95 105.95
Bharti Airtel538.90 10.20
Bajaj Finserv11,998.00 179.95
IndusInd Bank994.90 10.65

Currency

CompanyPriceChng%Chng
Dollar-Rupee73.8600-0.2175-0.29
Euro-Rupee87.8770-0.4200-0.48
Pound-Rupee102.2970-0.9290-0.90
Rupee-100 Yen0.6699-0.0019-0.29