Mumbai, Dec 18 (Financial Express): India’s key equity indices Sensex and Nifty lost heavily on Monday following mixed sentiments of investors as vote counting for the assembly elections in Gujarat and Himachal Pradesh witnessed a neck to neck position for BJP and Congress.
BSE Sensex shed 98.45 points or 0.29% to open at 33,364.52 whereas NSE Nifty lost 70.15 points or 0.68% to begin at 10263.1. 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. 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.
A relief rally is underway in the market. A potentially convincing win, which is 110+ seats for the BJP in a state perceived to be most impacted by GST/demonetisation should at best, and will only boost market sentiment.
Mahesh Nandurkar, India Strategist, CLSA. According to various market experts, BJP winning 110-115 mostly priced in, but a stronger victory with over 125+ seats will boost bull sentiment in the market.
On the contrary, if BJP wins around a 100 or less, the markets will be disappointed.