This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

India Stocks Rise on Modi Victory, European Stocks Slip

LONDON ( The Deal) --  Indian markets took the limelight overnight as the thumping victory of Narendra Modi's pro-business opposition party, the BJP, became apparent. Mumbai's benchmark Sensex Index reached an all-time high of 25,375 mid-morning on Friday. But his defeat of the incumbent Congress party had been pretty much priced in in recent days, and the market soon fell back sharply. At one point it sank to Thursday's closing level, though it later recovered.

In late afternoon in India, the Sensex was up 0.9% at 24,121. Modi's made great promises on infrastructure and clean government, though the BJP still opposes letting in foreign supermarkets like Walmart (WMT - Get Report) or Britain's Tesco.

Elsewhere, however, the mood was more cautious, following Thursday's big swings in sentiment.

In Paris, the telecoms and cable sector was making all the connections. Numericable, which last month won a battle to acquire Vivendi's SFR wireless services unit, announced it is in exclusive talks to buy Virgin Mobile France for 325 millioneuros ( $446 million). Numericable was up 0.37% at 38.26 euros.  Bouygues, the loser in the bidding war for SFR, is in talks with the biggest mobile player Orange, reportedly looking at a possible $8 billion merger. Bougues was up 3.88% at 32.90 euros while Orange was up 0.7% at 12.36 euros.

Meanwhile in London, supermarkets were the leading stocks as rumors swirled that W.M. Morrison, the weakest of Britain's big four grocers, was the subject of a possible 6.4 billion pounds ($10.76 billion)  bid from an unnamed private-equity consortium. The company's stock rose more than 4.5% to 214.5 pence.

Must Read: European Stocks Flat as Eurozone Growth Misses Forecasts

In late morning trading, London's FTSE 100 was down 0.12% at 6833, while in Paris, the CAC 40 was off 0.22% at 4,435. In Frankfurt, the DAX was down 0.28% at 9,628.

Tokyo's Nikkei225 closed down 1.41% at 14,096.59, and in Hong Kong the Hang Seng was down 0.08% at 22,712.91.

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
WMT $67.27 0.40%
AAPL $94.21 -1.00%
FB $118.14 0.60%
GOOG $699.02 0.96%
YHOO $35.79 -0.61%


Chart of I:DJI
DOW 17,667.22 -83.69 -0.47%
S&P 500 2,050.46 -12.91 -0.63%
NASDAQ 4,728.6950 -34.5290 -0.72%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs