Markets to trade higher

Indian Indices:

Indian Indices are likely to extend gains and open higher after the sweeping victory by BJP-led NDA. SGX Nifty is trading 63.50 points higher.

India’s BSE index rose as much as 6.1% intraday to a record high on Friday as the Bharatiya Janata Party and its allies swept the country’s elections, although shares gave up a big chunk of the gains towards the close as investors booked profits. The benchmark BSE index surged to as high as 25,375.63, before ending the day at 24,121.74. The BSE Sensex gained 0.90% and NSE Nifty rose 1.12% for the day.
On Friday (May 16, 2014) Sensex closed at 24121.74, up by 216.14 points, while the Nifty rose 79.85 points to close at 7203.00.

Global Market

Asian equity markets started the week mixed despite Friday’s positive lead from Wall Street as concerns rose about a slowdown in China’s real estate market.

The US stock market closed higher Friday after an abrupt late-day reversal.

Portugal’s stock market fell for a fourth straight session on Friday on concerns over the country’s economy, preventing broader European equity indexes from making much progress.

Major Headlines of the day

Pfizer raises bid for AstraZeneca to $ 117 billion

Essar Ports to invest Rs 3,000 cr in projects

Adani Group gets Rs 5,500 crore tax notice

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