India’s Nifty Index Futures Swing Before State Election Results

Indian (SENSEX) stocks rose, with the benchmark gauge poised to rally for a second week, on expectation state election results this weekend will confirm gains for the nation’s main opposition party.

Power equipment manufacturer Bharat Heavy Electricals Ltd. (BHEL) climbed to a four-month high, helping a gauge of capital goods makers rally to the highest level since May. Oil & Natural Gas Corp. (ONGC) surged 2.2 percent, sending a measure of energy stocks to a one-month high. Hero MotoCorp Ltd. added 2.7 percent after CLSA Asia Pacific Markets raised the stock to outperform.

The S&P BSE Sensex climbed 0.2 percent to 20,993.41 at 10:21 a.m. in Mumbai, extending a weekly gain to 1 percent. The Sensex and rupee rallied yesterday as an exit poll showed the opposition Bharatiya Janata Party, which picked Narendra Modi as its choice for prime minister, was poised to win four of five state elections to give it momentum ahead of national voting next year. Modi, the chief minister of Gujarat state since 2001, has overseen annual economic growth of 10 percent on average.

Victories by the BJP in four of five states that held elections over the past month would send the Sensex to almost 22,200 from its closing level of 20,957.81 yesterday, according to the average of 10 estimates compiled by Bloomberg.

The CNX Nifty (NIFTY) Index on the National Stock Exchange of India Ltd. rose 0.3 percent to 6,262.10.

To contact the reporter on this story: Santanu Chakraborty in Mumbai at schakrabor11@bloomberg.net

To contact the editor responsible for this story: Michael Patterson at mpatterson10@bloomberg.net

SGX Nifty

sgxnifty.org@imediaone.com

You may also like...

Rules of Discussion on India’s Nifty Index Futures Swing Before State Election Results

1. This forum is for discussion of financial markets. Please respect others view even if they are contrary to you.
2. Member's comments should lead to value addition in forum discussion.
3. If anyone is found making repetitive Explicit/Abusive/Racial comments, his account shall be banned and old posts will be deleted.
4. Providing Advice/Recommendations/Tips is fine but it should be free. Members cannot ask to be paid for it. Paid Advice is stricly prohibited
5. Spam links are not allowed. Too much promotion or using Contact info in ID will lead to account ban.
IMP : Memebrs are requeuested to flag any violations to keep Forum Clean