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Opening Bell 13 May | Markets rally to continue as exit polls point to NDA win

LiveMint logoLiveMint 13-05-2014 Krishna Merchant

Mumbai: The Nifty futures on the Singapore Exchange were trading higher by 1% on Tuesday morning after exit poll results showed that Narendra Modi-led National Democratic Alliance (NDA) will win a majority in Lok Sabha. The exit polls gave a range of between 249 and 282 seats in the Lok Sabha for the Bharatiya Janata Party (BJP)-led alliance and between 92 and 148 seats for the Congress-led one.

Asian markets were trading higher on Monday morning following firm global cues. China’s Shanghai Composite was trading up 0.3%, Hong Kong’s Hang Seng was up 0.5% and Japan’s Nikkei Stock Average was up 1.4%.

US stock market closed on Monday with their best gains in nearly a month that sent both the S&P 500 and the Dow Jones Industrial Average to record levels on prospects of continued policy accommodation by the world’s main central banks. The Dow Jones Industrial Average closed up 1%, S&P 500 gained 1% and the Nasdaq Composite was up 1.8%.

Retail inflation rose to a three month high of 8.6% in April and factory output contracted 0.5% in March according to the government data released on the last day of voting. The data continued to highlight economic stress and price pressures in the system, which will make it difficult for the Reserve Bank of India to cut interest rates and underline the challenges the new government will face.

Tata Steel Ltdshares will be limelight as it is kickstarting $7 billion refinancing plan on back of cyclical upturn in European demand, reports Economic Times. This exercise includes $1.24 billion bond sale by one of its Singapore entities.

The Securities and Exchange Board of India (Sebi) has set up a special control room to monitor trading as it prepares for possible volatility in the Indian markets after the release of exit polls on Monday and the national election results which will be declared on Friday.

Bharti Airtel Ltd shares will be in limelight as it concluded one of the largest overseas bond issue via its subsidiary, raising $1 billion in dollar bonds and another 750 million in Euro-denominated bonds. The proceeds will be used for repayment and refinancing of existing foreign-currency debt and other corporate plans.

Oberoi Realty Ltd has raised `750 crore by selling non-convertible debentures to part-fund its purchase of a 25-acre land parcel in suburban Mumbai, reports Mint. Oberoi Realty had emerged as the highest bidder for the piece of land in Borivali that was auctioned by Tata Steel.

Cipla Ltd plans to invest $1.5 million to buy a 14.6% stake in US-based drug research and development company Chase Pharmaceuticals Corp Inc. for the treatment of Alzheimer’s disease.

Lupin Ltd shares will see some action as it plans to exit from weaker brands and add new products in the therapeutic areas after local growth slowed because of the new drug pricing regime introduced in July. The pharma companies were forced to lower prices after new drug pricing was introduced.

Lastly, Madhu Kapur, the widow of Yes Bank Ltd co-founder Ashok Kapur, has sought Reserve Bank of India’s intervention to prevent Rana Kapoor, the other co-founder, from being nominated as the managing director and chief executive officer for another term when the post falls vacant in June.

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