Sensex opens at record high in morning trade, Tata Motors slips 3 per cent

After a strong closing in the previous session the benchmark indices opened on positive note on Tuesday with Nifty and Sensex opening at record high. Sensex is up 104.58 points at 39457.25, while Nifty is up 28.80 points at 11857.10. Among the sectors, except IT all other sectoral indices are trading higher led by pharma, bank, metal, energy and FMCG.

Top gainers in the Sensex pack in morning trade include HDFC twins, Bajaj Finance, Coal India, RIL, Bajaj Auto, HUL, IndusInd Bank, Sun Pharma, Vedanta, Axis Bank and Asian Paints, rising up to 2.21 per cent.

On the other hand, Tata Motors, Yes Bank, Bharti Airtel, Tata Steel, SBI, Infosys, ONGC and TCS fell up to 3.18 per cent.

“Market has given a thumbs-up to exit poll numbers. Sentiments have turned around drastically and the benchmark indices can gain 5-8 per cent more from here over the next few weeks if the final election outcome is in line or even better than exit polls,” said Gaurav Dua, Senior VP, Head Strategy and Investments, Sharekhan by BNP Paribas.

On Monday, Benchmark Sensex zoomed over 1,422 points and the NSE Nifty surged 421 points after most exit polls showed that the Narendra Modi-led NDA is returning to power with a thumping majority in the Lok Sabha elections. The 30-share index ended 1,421.90 points, or 3.75 per cent, higher at 39,352.67. During the day, the gauge hit a high of 39,412.56 and a low of 38,570.04.

In a similar movement, the broader NSE Nifty soared 421.10 points, or 3.69 per cent, to 11,828.25. A majority of exit polls Sunday forecast another term for Prime Minister Narendra Modi, with some of them projecting that the BJP-led NDA will get more than 300 seats to comfortably cross the majority mark of 272 in the Lok Sabha.