Mumbai: Key domestic indices plunged on Monday as early trends defied exit polls results for Gujarat and Himachal Pradesh Assembly Elections 2017. Sensex was down by over 584 Points or 1.75% to 32,878.76 while the wider Nifty was down by over 217 points or 2.10% to 10,115.95. The Indian rupee has opened lower by 11 paise at 64.15 per dollar on Monday against its previous close of 64.04 of Friday.
On Friday, Sensex zoomed 216 points or 0.65% to close at 33,462.97 while the wider Nifty ended 81 points up by over 81 points at 10,333.25. “If BJP wins in Gujarat, as exit polls predict, it will be an endorsement of the government’s policy reforms like demonetisation and goods and services tax (GST). The market’s uptrend will continue, further boosted by positive sentiment,” said Amar Ambani, partner and head of research, IIFL Investment Managers.
At 10.15 AM: Markets turn positive as BJP leads in Gujarat and Himachal Pradesh Pradesh Assembly Election Results 2017. Sensex zoomed 174 points or 0.52% to 33,637.08 while the wider Nifty was up by over 70 points or 0.68% to 10,403.40.
At 9.30 AM: Sensex down by over 644 points or 1.93% to 32,818.18 while the wider Nifty was down by over 205 points or 1.99% to 10,127.70. In the last week, Sensex began on a higher note at 33,317.72 and hovered between 33,621.96 and 32,886.93 before settling the week at 33,462.97, showing a gain of 212.67, or 0.64 per cent.
Investors on Dalal Street will closely monitor how the results pan out today, when the counting of ballots cast during the Gujarat and Himachal Pradesh assembly elections will take place. Markets have touched record highs multiple times this year on a spate of liquidity, especially after the BJP won the Uttar Pradesh elections in March.
In the last week, benchmark Sensex advanced for a second straight week in a row, gaining 212.67 points to close 33,462.97, while the broader Nifty ended above the key 10,300-level to end at 10,333.25. The stock market maintained its volatile scenario for the second consecutive week, though it managed to building-up on last week gains to inch closer towards all-time highs.
