Markets Cheer as BJP Establishes Lead in Gujarat, HP | CORPORATE ETHOS

Markets Cheer as BJP Establishes Lead in Gujarat, HP

By: | December 18, 2017
Guj-Himachal poll

Nifty and BSE Sensex moved up in early trading hours on Monday as BJP established lead in Gujarat and Himachal Pradesh as counting of votes began. Nifty gained 0.62% to 10,397.65 while BSE Sensex rose 0.54% to 33,633.08.

In Gujarat out of the total 182 seats to the Assembly, BJP is leading in 101 as against 79 by Congress while in Himachal Pradesh, BJP leading in 42 seats while Congress is leading in 23.

Among top BSE Sensex gainers today are Religare at 66.40 (4.98%), Videocon Industries at 16.75 (4.69%), Page Industries at 23421.75 (3.69%), Cox & Kings at 251.25 (3.03%), GAIL at 500.60 (3.03%) and Mphasis at 728 (3.12). Top losers were Welcorp 128.55 (-2.85%) SKF India 1650 (-1.95%), Balram Chini (-1.83%), JP Associates 17.30 (-1.70%), Unitech 6.50 (-1.52%), Sintex 22.95 9-1.50%).

Top Nifty gainers were Vedanta Ltd 307.45 (3.17%), GAIL 499.40 (2.83%), Cipla 591.50 (2.61%),Mahindra & Mahindra 1,515 (2.13%) ad Adani Ports  408.70 (1.83%). Top losers were Tech Mahindra 495 (-1.15%), UPL 712.60 (-0.72%), TCS 2,527.80 (-0.70%), Power Grid Corporation 197.55 (-0.65%) and Hindustan Petroleum 441.55 (-0.51%).

Angel Broking in its daily update said that BJP victory has been already factored in by the market and unless there is a more surprising outcome from the final results, the rally is unlikely to sustain at higher levels. It said that 10410 is the trend deciding level and any sustainable move beyond this may result in an extended rally.

Investors are advised to book profits and take fresh positions only after re-entry to 10410 level.