Sensex, Nifty Recover Most Of Day's Losses
Losses were led by financial and auto stocks Pharma and IT stocks, however, were in the positive Sensex sank as much as 533 points in early trade
Domestic stock markets swung between gains and losses after counting of assembly election votes hinted at a Congress victory in two BJP-ruled heartland states. At 12:06 pm, the S&P BSE Sensex traded at 34,892.43, down 67.29 points or 0.19 per cent and the Nifty50 barometer of the National Stock Exchange (NSE) was at 10,482.35, with a loss of 6.10 points or 0.06 per cent. In early trade, the Sensex had sunk as much as 533 points and the Nifty over 150 points.
Twenty two out of 50 Nifty stocks traded with losses. Hindustan Petroleum (down 2.87 per cent), Indian Oil Corporation (down 2.20 per cent), Bharat Petroleum (down 2.12 per cent), ICICI Bank (down 1.89 per cent), and HDFC Bank (down 1.22 per cent) were the top Nifty losers.
Yes Bank (up 5.34 per cent), Sun Pharma (up 4.86 per cent), Axis Bank (up 2/46 per cent), Asian Paints (up 2.25 per cent), and Indiabulls Housing Finance (up 1.83 per cent) were the top Nifty gainers.
Losses were led by financial and auto stocks. Pharma and IT stocks, however, were in the positive amid a weak rupee.
"The RBI governor's departure was a bigger concern for us. Mostly, the results look like it will be in line with the exit polls and markets had fallen quite a bit on Monday factoring in the possible election outcome," SIddhartha Khemka, Head of Retail Research At Motilal Oswal Securities, was quoted as saying in a report by news agency Reuters.
Congress established a big lead over the Bharatiya Janata Party (BJP) in Rajasthan, Chhattisgarh and Madhya Pradesh. However, it was trailing in Mizoram where it rules.
The ruling Telangana Rashtra Samithi (TRS) looks set to retain Telangana comfortably. (With agency inputs)