Exit polls predicting Modi government to return to power on May 23 has propelled the markets upwards, with buying interest in infrastructure, banking and auto stocks. India VIX, that was highest at 28 on 16 and 27 May, has fallen down to 22 today.
Following the biggest opening gain for Nifty in absolute terms since 2014, sectoral space appeared on the upside as well, with Bank and Auto indices gaining the most, followed by infra, energy and FMCG. All sectors except IT were trading in green.
Moreover, with BJP government's focus on developing the infrastructure sector in the last five years, expectations are continuation of policies if stable government is formed and a continuity in the push for government expenditures. Thus, investment in infrastructure stocks given government push is likely to be seen. Positivity can be seen on cement, industrials, capex goods as well.
Following are stocks that extended gains in the early trading session on the two major indices of the Indian equity market today:
Larsen And Toubro
The top gainer on the Sensex pack is the biggie in the industrial and engineering sector. The L&T stock was trading 4.27 per cent higher. The stock has gained over 7 per cent over the last 3 days.
After opening with a gain of 2.55 per cent, the stock touched an intraday high of Rs 1,430 at 5.02 per cent hike.L&T stock is a mere 2.63 per cent away from 52 week high of Rs 1,459.10 on BSE. It is the among the top gaining stocks on Nifty.
Indiabulls Housing Finance
The top gaining stock of Nifty has been on a rising streak since last 5 days at the rate of 18.31 per cent. The housing finance stock opened with a gain of 5.09 per cent against the previous close of Rs 721.15 and climbed to the day's high at Rs 780.00, a 7.85 per cent gain. The stock is currently trading at Rs 776.59, up 55 points of 7.69 per cent on BSE.
The housing finance giant also announced today that the company has made timely payment of interest / principal (as the case may be) in respect of the following NCDs issued by our Company, on private placement basis on 17 May, after market hours.
Automobile major and one of the most costliest auto stock is trading higher by 4.81 per cent to Rs 7030 currently. The stock opened with a gain of 2.29 per cent versus last close and jumped 6.51 per cent to Rs 7144, its day's high today. The stock stands at seventh position on Sensex today and among the top gaining stocks on Nifty.
The stock is trading upwards prior to fourth quarterly earnings report today. The stock has gained 9 per cent in the last 3 days. The stock opened with a gap up pattern, with day's high at Rs 186.90, 5.77 per cent on BSE. It is ranked at sixth position among the top gainers on Sensex and is charting among top gainers on NSE Nifty.
Mahindra & Mahindra
With the weighted average price and volume more close the high price, Mahindra & Mahindra stock has risen 4.38 per cent touched an intraday high of Rs 648.45. The stock is gaining consecutively for 2 days at 6.86 per cent. It is at second position among the top gainers on Sensex and fourth on Nifty.
State Bank of India
India's largest lender has touched a new 52-week high of Rs 342.90. After opening with a gain of 4.88 per cent against yesterday's close of Rs 318.95, the stock rallied 7.5 per cent to the day's high, also its intraday high. It is top gaining stock on Sensex and stands at second position on Nifty.
With a trend reversal after 3 days of consecutive fall, the stock has gained 5.57 per cent at the opening session and rose 6.80 per cent to Rs 143 today. The stock is ranking at 9th position on Sensex and is among the top gainers on Nifty as well.
The stock has been rising consecutively for the last two days at 6.36 per cent. The stock opened with a gain of 2.05 per cent and touched an intraday high of Rs 1,457.35, up by 6.08 per cent against yesterday's close of Rs 1373.85 on BSE. The stock is currently trading up by 69 points or 5 per cent at Rs 1443. It is the fourth major gaining stock on Sensex and at ninth position on Nifty.
The stock has opened with a gap up pattern, rising 3.51 per cent against the last close of Rs 390 and touched a new high of Rs 414 today, also its day's high. The stock has gained 9.18 per cent in the last 3 days. It is at fifth position on Nifty and at third position on Sensex.
The top third gaining stock on Nifty, entered late in the race after gaining 7.12 intraday to Rs 888 today. The stock opened at a gain of 2.24 per cent against the last close of Rs 829.90 and currently trades at Rs 879.85, up 6.14 per cent on NSE and at Rs 880 on BSE.
In recent announcements, the company has declared May 24 for the announcement of financial results for the fourth quarter and full year ended March 31, 2019.
The sixth top gaining stock on Nifty has touched a new high of Rs 4787.30, after climbing 6.46 to the day's high today against the previous close of Rs 4492.80 on NSE. The stock is currently trading up 4.95 per cent at Rs 4715.
The seventh ranked stock on Nifty is currently trading at Rs 287.50, up 4.02 per cent on NSE. The stock has gained 8 per cent in the last 3 days and risen 7 per cent to day's high of Rs 293.65 today on NSE.
The stock has gained over 6 per cent in the last 3 days and currently trades at Rs 489.70 on BSE. After opening with a gain of 2.11 per cent, the stock reached the day's high at Rs 494.20, up 5.25 per cent on BSE. It is among the top gaining stocks on Nifty and ranks eighth on Sensex.
(Edited by Rupa Burman Roy)