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Gujarat Election Results 2017: Sensex Ends Higher After 1,200-Point Swing Over Close Fight in Gujarat

The Sensex fell to 32,595 at day's low while Nifty slumped to 10,074. Analysts said that the market had factored in a comfortable win for the BJP in Gujarat polls.

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Gujarat Election Results 2017: Sensex Ends Higher After 1,200-Point Swing Over Close Fight in Gujarat

Gujarat Election Results 2017: Analysts say the markets had factored in a comfortable win for the BJP


Highlights

  1. Sensex recovered as BJP pulled ahead of Congress in Gujarat polls
  2. From day's high to low, Sensex logged a swing of over 1,100 points
  3. Analysts say market had factored in a comfortable win for BJP in Gujarat
The Sensex ended a roller-coaster session higher in a day marked by a swing of more than 1,200 points, from day's highest point to the lowest. In early trade today, the Sensex nosedived over 850 points as initial trends indicated a close fight between the BJP and Congress in Gujarat polls. But the Sensex later recovered as the BJP pulled ahead of the Congress. Analysts said the market had factored in a comfortable win for the BJP in Gujarat polls. The Sensex fell to 32,595 at day's low while Nifty slumped to 10,074. Beyond the assembly election results, investors will be keeping an eye on global factors like the progress on US tax reforms and crude oil prices, say analysts.

10 Things To Know About Sensex, Nifty Trade On Day Of Gujarat Election Results 2017


1) The Sensex ended 138 point higher at 33,601 while Nifty settled at 10,388, up 55 points.

2) 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 64.22 against the dollar as compared to its Friday's close of 64.06 against the dollar.

3) Banking stocks, which led the initial slump in the index, led the gainers today. The banking index on NSE - Nifty Bank - settled 0.60 per cent higher after slumping over 3 per cent at day's low in early trade.

4) Adani group stocks closed mostly in the green, recovering from the early tumble. Adani Enterprises led the gains, rising over 3 per cent.

5) Analysts expect the markets to remain range-bound in the near term. "The markets will remain range bound as there are no further triggers," said Kunj Bansal, executive director and CIO-equity, Centrum Wealth Management Ltd.

6) The third-quarter earnings of India Inc will be on the radar of analysts from next month. Infosys, India's second largest software services firm, will announce its earnings for the October-December quarter on January 12, kicking off the Q3 earnings season.

7) Worries on the macroeconomic front - such as inflation and fiscal deficit concerns - could keep gains capped in near term, says Sanjiv Bhasin, EVP-markets and corporate affairs at IIFL.

8) Retail inflation in November breached the RBI's medium-term target of 4 per cent, which could put pressure on it to raise policy rates in 2018.

9) The government today sought Parliament's approval to spend a net additional Rs. 33,380 crore ($5.21 billion) in new spending in the fiscal year to March 2018.

10) Besides banking stocks, strong buying was seen in metal, healthcare and auto stocks. Among the Nifty 50 stocks, M&M, Sun Pharma, Hindalco, Vedanta and SBI were among the top gainers.


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