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Wednesday, December 11, 2019

Assembly Election impact on Sensex Live Updates: Sensex, Nifty surge as BJP pulls ahead in Gujarat, Himachal Pradesh

The BSE Sensex opened at 33,364.52 on Monday morning with the previous closing at 33,462.97. The index dropped as low as 32,595.63. The wider scrip NSE Nifty also took a dip of 258.45 points as low as 10,074.80. The markets recovered, however, as the BJP pulled ahead of the Congress in Gujarat.

By: Express Web Desk | New Delhi | Updated: December 18, 2017 1:45:15 pm
Sensex The Bombay Stock Exchange in Mumbai (Express photo by Ganesh Shirsekar)

Sensing a shock result in the Gujarat Assembly Election 2017, stock markets opened with a sharp dip as early leads showed a closely contested fight between the incumbent Bharatiya Janata Party and the resurgent Congress party. The markets recovered, though, after the BJP gained a lead. The rupee, which took a hit in the early hours of counting also slowed its slide against the dollar.

Experts had predicted any deviation from the exit polls may have a negative impact on the markets which appeared to have bet on the BJP. Changes in trends led to sharp dips and swings in the equity markets on Monday morning. As the BJP managed to pull away in the high stakes elections in Gujarat and Himachal Pradesh, the markets recovered from the opening hour losses.

1:35 pm: Latest numbers show the BJP has won 10 seats in Gujarat and leads in 91 constituencies while the Congress has won eight seats and leading in 68 constituencies. The NSE Nifty 50 was trading at 10,414.70 and the BSE Sensex at 33,705.65.

12:45 pm: First win in Gujarat goes to BJP’s sitting Fisheries Minister Babubhai Bokhiriya who defeated Arjun Modhvadia of the Congress by 1,855 votes in Porbandar constituency. Latest trends suggest the BJP could continue in power extending their 22-year rule in the state. Since 1995, the ruling BJP has never lost an election in Gujarat, the home state of PM Modi and BJP chief Amit Shah. The party has ruled uninterrupted since 1998. The brief gap was due to the party going out of power due to infighting and rebellion of leaders like Shankarsinh Vaghela.

Trends suggest BJP’s victory in over 100 seats. To form a government in Gujarat, a party has to get a minimum of 92 seats in the 182 seat election.

12:21 pm: As many as 43 stocks set their record marks on the BSE today including Adani, Dynamic Cables, Graphite India et al. At least 19 NSE stocks reached 52-week-high figures. Sensex trades at 33,753.39 while Nifty trades 10,428.1.

11:25 am: As the BJP’s numbers improved in Gujarat and Himachal Pradesh election results, the rupee slowed its losses to trade at 64.09 against the US dollar. The early hours of counting, which showed a closely fought election, saw the rupee drop to 64.72. However, the rupee’s trajectory followed the upswing taken by BJP in both the states.

11.06 am: Equity markets extend gains. The 30-share BSE Sensex climbed 262.05 points from the opening mark completing a recovery of over 1,000 points from the intraday lowest mark. The NSE Nifty was trading at 10,418.50 and climbing. The wider-scrip index slowly climbing towards its record high of 10,490.

10:45 am: Nifty IT dips by 0.04 per cent while all other Nifty indices trade in the green. Nifty metal index up by 1.58 per cent, Nifty pharma up by 0.97 per cent, and Nifty auto rises 0.85 per cent. Sensex higher by 219 points and Nifty up by 61 points.

10:25 am: The rupee recovers after taking a sharp dip in opening hours trading at 64.11 against the US dollar with 11 point loss. The change was triggered by the positive change of sentiment in the equity markets after trends showed a likely victory for the BJP in Gujarat and Himachal Pradesh.

10:20 am: Markets recover after trends show comfortable lead for the BJP in Gujarat and Himachal Pradesh. The BSE Sensex trading is trading at 33,670.71 points and the Nifty 50 at 10,401.80. Only five stocks of the 30-share index in the red now. Mahindra & Mahindra, Adani Ports, Tata Steel, HDFC Bank and Asian Paints post maximum gains.

10:09 am: Benchmarks indices still witness short covering after seeing opening losses. The BSE Sensex is up by 192.41 points and trading at 33,655.38 while the NSE Nifty is up by 61.30 points and trading at 10,394.60.

10 am: BSE Sensex was trading at 33517.6 points while the Nifty 50 was trading at 10353.50 points, both in the positive.

The benchmark S&P BSE Sensex tanked as much as 867 points breaching psychological 33,000-mark. The 30-share index 2.59 per cent or 32.595.63. The broad-based selling pressure led to sectoral indices, led by real estate, tech, power, banking etc,  trading in the red with losses accounting up to 1.74 per cent. After the exit polls had predicted a win for the BJP in Gujarat and Himachal Pradesh Assembly polls, the index had climbed 409.93 points in two trading sessions.

The wider scrip NSE Nifty also took a dip of 258.45 points to 10,074.80 in the first hour of vote count in Gujarat and Himachal Pradesh.

Concurrently, the rupee tanked 68 paise and was trading at 64.72 against the dollar which led to a further dampened sentiment.

Going beyond the polls, the key focus for investors would be on the polls results, developments in the parliament winter session as well as movements on crude and US tax bill.

“Going ahead, the focus would be on election outcome to be declared on 18 December along with the winter session of Parliament which has just commenced. Globally, eyes would be on US tax bill related developments as well as on crude prices,” said Teena Virmani, vice president – PCG Research, Kotak Securities.

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