Market Live: Nifty opens above 11,750, Sensex gains 340 pts; OMCs in focus

Market opens: It is a positive start for the Indian indices on May 24 after Election 2019 results gave clear mandate to the BJP led NDA government.

At 09:16 hrs IST, the Sensex is up 348.76 points at 39,160.15, while Nifty is up 114.40 points at 11771.40. About 464 shares have advanced, 124 shares declined, and 20 shares are unchanged. 

HDFC Bank, IOC, HPCL ,BPCL, Yes Bank, Kotak Mahindra Bank, Yes Bank, IndusInd Bank, L&T, Asian Paints, Axis Bank, RIL, Bajaj Finance are the major gainers on the indices, while losers are ONGC, Bharti Infratel, Bajaj Auto, Tech Mahindra and HCL Tech.

All the sectoral indices are trading in green led by bank, infra, auto, energy, metal and pharma.

Rupee Opens: The Indian rupee opened higher by 26 paise at 69.75 per dollar on Friday versus previous close 70.01.

Market at pre-opening: Indian indices are trading higher in the pre-opening session with Nifty above 11,750 level.

At 09:01 hrs IST, the Sensex is up 64.57 points or 0.17% at 38875.96, and the Nifty up 102.70 points or 0.88% at 11759.70.

Brokerages View on Verdict 2019: Source - CNBC-TV18

HSBC

Near-term growth could inch up as election uncertainties fade

Growth will depend on reforms to augment capital & labour 

Morgan Stanley

Market's focus will shift to growth cycle on which we are constructive

Expect RBI to be more accommodative 

Expect economy to come out of its soft patch of the past few months

CLSA

With a bulk of disruptive reforms now behind, focus will shift to growth

Absolute majority would reduce the need for competitive populism

Credit Suisse

BJP coming power implies greater stability

Remain overweight on banks; like SBI, ICICI & HDFC Bank

Nomura

Outcome is better than expected & promises a stable pro-reform govt

Expect govt to reiterate Its Interim Budget fiscal deficit target of 3.4% of GDP for FY20

Phiillip Capital

Expect augmented focus on infrastructure development & rural India

Expect GDP growth at 7.3%/7.5% for FY20/21

Nifty target for March 2020 is 12,200-12,700

Kotak Institutional Equities

Capital goods, construction, building materials may benefit in coming Days

Corp banks, power equip, housing fin cos & rural-focused cos will benefit

Citi

NDA may inch towards Rajya Sabha majority by November 2020

10-year bond yield may struggle to break below 7.15% without a catalyst

Asian markets trade weak: Asian shares hobbled near four-month lows on Friday and crude oil plunged on worries the US-China trade spat was developing into a more entrenched strategic dispute between the world's two largest economies, pushing investors to safe-haven assets.

US markets end lower: US stocks slumped on Thursday as investors dumped shares of companies in growth and cyclical sectors, with energy and technology leading declines, on fears that the escalating US-China trade war would stymie global economic growth.

SGX Nifty: Trends on SGX Nifty indicate a positive opening for the broader index in India, a gain of 58 points or 0.50 percent. Nifty futures were trading around 11,746.50-level on the Singaporean Exchange.

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