How BJP's win in Gujarat, HP is spreading happiness in the Indian market
Mumbai, Dec 19: It is not just the ruling Bharatiya Janata Party (BJP) which is celebrating its twin victories in the Gujarat and Himachal Pradesh Assembly elections, the results of which were declared on Monday.
Buoyed by the BJP's electoral success in the two states, the Sensex on Tuesday rallied 143 points as it moved closer to an all-time high.
Firm Asian stocks on bets that US tax reforms Bill will go through supported the uptrend. The NSE Nifty wrested control of the crucial 10,400-mark.
In the sectoral space, all indices were up, driven by auto and consumer durables, with gains of up to 1.22 per cent.
The 30-share BSE Sensex advanced 143.22 points, or 0.42 per cent, to 33,744.90. The gauge had rallied 548.64 points in the previous three sessions.
The 50-share NSE Nifty also went up 39.45 points, or 0.37 per cent, to 10,428.20.
Analysts said buying picked up after assembly elections results showed that the BJP will return to power for the sixth straight term in Gujarat and topples the Congress to form a government in Himachal Pradesh.
Major gainers were Tata Motors, M&M, ICICI Bank, ONGC, Bajaj Auto and Maruti Suzuki, rising up to 1.59 per cent.
The BJP won 99 seats in the Gujarat Assembly elections. The saffron party bagged 44 seats in the Himachal Pradesh Assembly elections. With the latest two victories, the BJP will rule over 19 states in the country. The party is in power at the Centre too.