Market Live: Sensex, Nifty open at record highs as NDA leads more than 272 seats; IndusInd Bank up 5%

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

Market Opens: It is a strong start for the Indian indices on May 23 as counting for Lok Sabha Election 2019 showing NDA is leading on more than 200 seats.

At 09:18 hrs IST, the Sensex is up 539.05 points or 1.38% at 39649.26, and the Nifty up 156.00 points or 1.33% at 11893.90. About 821 shares have advanced, 118 shares declined, and 17 shares are unchanged. 

IndusInd Bank, Indiabulls Housing, Adani Port, Yes Bank, Zee, Britannia, RIL, Sun TV, BOI, PNB, Indian Cements and BEML are the major gainers on the indices.

Market Update: Sensex and Nfity touched record highs in the pre-opening session as NDA leading on more than 200 seats.

Rupee Opens: The Indian rupee gained in the early trade on Thursday. It has opened higher by 21 paise at 69.45 per dollar on Thursday versus previous close 69.66.

Market at pre-open: Indian indices are trading higher in the pre-opening session as counting for Lok Sabha Election begins.

At 09:01 hrs IST, the Sensex is up 293.60 points or 0.75% at 39403.81, and the Nifty up 147.70 points or 1.26% at 11885.60.

As the counting of votes for Lok Sabha elections is taking place, the market would want confirmation of exit polls, Arvind Sanger of Geosphere Capital Management told CNBC-TV18.

On May 19, exit polls predicted the NDA may get around 250-300 seats in general elections, which means the ruling party may retain their power for another five-year term.

"BJP majority would be very positive for the market sentiment. Less than 250 seats for BJP might lead to a correction whereas more than 300 seats for BJP would result in a rally," Sanger said.

The valuations and economic reality will cap the near-term Nifty upmove towards 12,000, said CLSA.

The top picks include names like ICICI Bank, Axis Bank, HDFC, Godrej Properties, among others. The global investment bank also likes Reliance Industries and ITC.

Crude Update: Oil prices dropped on Thursday, extending falls from the previous session amid surging US crude inventories and weak demand from refineries.

Asian markets trade weak: Asian shares were stuck in the red on Thursday amid worries the Sino-U.S. trade conflict was fast morphing into a technology cold war between the world's two largest economies.

SGX Nifty: Trends on SGX Nifty indicate a flat to negative opening for the broader index in India, a fall of 23 points or 0.20 percent. Nifty futures were trading around 11,757-level on the Singaporean Exchange.

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