Gujarat Assembly elections 2017: Sensex gains over 150 points, after a 800-point fall

The BSE Sensex and the NSE Nifty turned positive after falling over 2% in the opening trade on Monday as final voting trends showed a close fight between the Bharatiya Janata Party (BJP) and the Congress in both Gujarat and Himachal Pradesh.

At 11:30 am, the Sensex was up 250 points at 33,713 while Nifty clawed back above 10,400. Leads for all of Gujarat's 182 assembly seats are in and the BJP looks set to retain the state while the party is heading for a comfortable win in Himachal Pradesh.

Data showed that the BJP was leading Gujarat polls with over 100 seats. But that was not the case earlier.

At 9.15 am, the Opposition Congress was leading the vote count, with 85 seats. At that point in time, BJP was ahead only in 79 seats. BJP needs a total of 92 seats to retain power in Gujarat.

Among BSE sectoral indices, IT index fell the most by 0.64 per cent, followed by TECk 0.53 per cent, power 0.44 per cent and FMCG 0.36 per cent. On the other hand, metal index was up 1.22 per cent, capital goods 0.68 per cent, consumer durables 0.52 per cent and banking 0.32 per cent.

The rupee also recovered a lot of ground against the dollar after initially slumping 64 paise at day's low of 64.68. In recent trade, the rupee was trading at 64.28 against the dollar.

Early trade

Sensex crashed 867.34 pts to 32,595.63, Nifty slumps 258.45 pts to 10,074.80 after results of assembly polls trickle in.

In the early trades, BJP was seen leading the charge in the votes but as counting progressed further, Congress inched ahead sharply and was seen charging ahead.

Equity benchmarks started off the week sharply lower on Monday as latest voting counts indicated that BJP is leading in both states (Gujarat and Himachal Pradesh) but with a small margin.

The 30-share BSE Sensex was down 740.11 points or 2.21 percent at 32,722.86 and the 50-share NSE Nifty fell 208.80 points or 2.02 percent to 10,124.50.

Following this, the benchmark Sensex tanked as much as 867.34 points to hit the day's low of 32595.63 while The broader Nifty plummeted 188.3 points to hit the day's low at 10,074.8.

The much results of keenly fought assembly elections in Himachal Pradesh and Gujarat will be out today. The counting of votes has started in the two states amid tight security.

An average 68.41 percent polling was recorded in the two-phase Assembly elections in Gujarat.

OneIndia News