Sensex, Nifty rise, hit new all-time highs again with new government sworn in; finance, energy stocks gain

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With the government and several cabinet ministers sworn in, all eyes will now be on portfolio allocation — who gets to head which ministry.

The broader market saw buying interest with both BSE Midcaps and Smallcaps rising nearly 1 percent

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Nifty and Sensex gained to hit new record highs on June 10 in early morning trade, after Prime Minister Narendra Modi’s new government was sworn in over the weekend, ending the political overhang. While the new government marks the beginning of Modi’s third term as the Prime Minister, it has also seen the return of many prominent figures from the previous cabinet.

“Markets will react positively to this as they favour continuity. While alliance issues remain, the initial concerns are behind us,” said Ambareesh Baliga, an independent market expert.

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The indices later gave up gains and turned flat.

Also Read | How retail investors emerged as a strong counterforce against institutional selling in a topsy turvy market

At 9.47 am, the Sensex was down 9.95 points or 0.01 percent at 76,683 and the Nifty 50 was up 8.50 points or 0.04 percent at 23,298. About 2,314 shares advanced, 894 shares declined, and 116 shares remained unchanged.

Oil and gas, and power stocks gained, while IT stocks lagged. Excluding Nifty IT, which fell nearly 1 percent, the remaining 12 sectoral indices gained in early trade.

Infosys, Tech Mahindra, and TCS led the decline in the Nifty IT index.

Meanwhile, CiplaUltraTech Cement, and Power Grid were the top gainers on Nifty 50 as they gained 2-4 percent.

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With the government and several cabinet ministers sworn in, all eyes will now be on portfolio allocation — who gets to head which ministry. “Domestic ministry allocations will impact the markets more than global factors today,” said Aishvarya Dadheech, Founder & CIO of Fident Asset Management.

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Market participants believe that concerns about policy continuity have temporarily subsided, although alliance issues will continue to affect investor sentiment.

India’s election results are encouraging, and Modi’s policies will move India ahead, said Ed Yardeni, President of Yardeni Research, told CNBC-TV18.

Investors now await the outcome of the 2-day Federal Reserve policy meeting and the upcoming US inflation data, both scheduled on June 12, to gain further insight into the future direction of interest rates.

Disclaimer: The views and investment tips expressed by investment experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.