Gujarat Election 2017: Sensex recovers, Nifty back in green as BJP takes lead

Key indices dramatically recovered as the Bhartiya Janta Party took lead in the state of Gujarat. The counting for the two phase Gujarat Assembly elections has begun and the results are expected to come out by afternoon.

Gujarat has 26 parliamentary constituencies and 182 assembly constituencies.

At 10:06 AM, Sensex was up by 62.59 points to trade at 33,518.40 while Nifty regained the positive mark at 28.65 to trade at 10,361.90.

The BJP has remained undefeated in Gujarat since 1995, having comfortably won five Assembly elections, including three when Modi was the chief minister. While exit polls have predicted another big victory for BJP, the Congress is also confident of ending its losing streak in the state.

Earlier, BSE was down by 600.51 points at around 9.20 AM, and was currently pegged at 32,862.46 points, while the National Index (Nifty) was reported to be down 200 points at 10,134.35 points as election leads in Gujarat indicated a tough fight for seats between BJP and the opposition Congress Party.

It is being reported that out of 30 stocks, only one stock was green i.e. Cipla in early morning trade after getting tentative approval from the US Food and Drug Administration for HIV drug, Darunavir hydrate (75-800 mg).

At 9.27 AM all sectoral indices were trading in red. Nifty Bank, Auto, Metal, Realty, IT and FMCG indices were also down one to three per cent.

Top contributors to the Nifty dip included Reliance Industries, HDFC Bank, ICICI Bank, HDFC, IOC, ITC, Adani Ports, Tata Motors, Bajaj Finance, Vedanta and SBI, which were down two to five per cent.

Currently, the BJP is leading in both Gujarat and Himachal Pradesh, but by small margins.

The Indian rupee was also sharply lower by 25 paise to 64.29 against the US dollar in early trade, following weakness in equity markets. Further details are awaited.

Bombay Stock Exchange - BSE

National Stock Exchange of India Ltd (NSE)