Gujarat Election Results 2017: Sensex, Nifty Post Heavy Losses, Adani, Airtel Slide.
Apart from Gujarat and Himachal Pradesh election results, global factors such as progress on US tax bill and crude prices will be closely watched by markets.
The results of the Gujarat and Himachal Pradesh election results are being announced today. Counting of votes in Gujarat and Himachal Pradesh will start from 8 AM. Analysts have said that a big win for BJP in the Gujarat election will add to the momentum the party got with its sweep of Uttar Pradesh earlier this year. The performance of the BJP in the Gujarat election, in particular, will be closely watched in the market and have an impact on the performance of the Sensex and Nifty. Analysts say that market is factoring in a win for the BJP in the Gujarat election. Exit polls predicted a win for the BJP in the Gujarat and Himachal Pradesh elections.
9.25 am: Sensex fell to 32,596 points, 867 points lower, against the previous session’s closing. The market opened at 33,364.52, 98 points lower than the Friday’s closing. The Adani stocks fell 4.8% to trade at Rs. 383. The other stocks that posted major losses are Bharti Airtel, ICICI Bank and Coal India that posted the losses to the tune of 2.5% to 3%.
Not even a single Sensex stock posted gains on Monday morning. Telecom and realty stocks posted maximum losses to the tune of 3-3.5%. Banks and financial stocks also plunged. BSE finance and BSE banking indices posted losses to the tune of 2.4% and 2.47%, respectively. At 9.20am, BJP leads in 91 of the Gujarat’s 182 seats, the Congress in 84, with the latter gaining in 23 seats that it had lost last time. The BJP is trailing in 18 seats it had won in 2012.
9.14 am: Sensex loses 98 points to trade at 33,365 points. Nifty loses 70 points to trade at 10,263 points as Congress rebounds and is ahead in 80 seats in comparison to 89 by BJP
8.43 am: Sensex and Nifty are expected to surge as the PM Modi-led Bharatiya Janata Party (BJP) is expected to get victorious in Gujarat and Himachal Pradesh Assembly elections, as the early data suggest. The real estate companies may be under pressure on Monday after the cabinet on Saturday approved the GST anti-profiteering body which is likely to crack down on the realty firms for not passing on the benefits of lower GST tax rate.
8.21 am: BJP is ahead on 32 seats while Congress is ahead on 7 seats in Gujarat.
7:45 am: Analysts says that the trading sentiment in the stock market this week will be driven by the election results in Gujarat and Himachal Pradesh. Besides, the Gujarat election, Investors will also be keeping an eye on global factors like the progress on US tax reforms and crude oil prices. “The cues from winter session (of Parliament) will also be closely followed. Any deviation from exit polls could negatively impact the market sentiment in the near to medium term,” said Vinod Nair, Head of Research, Geojit Financial Services.
Teena Virmani, vice president of PCG Research at Kotak Securities, said, “Globally, eyes would be on US tax bill related developments as well as on crude prices.” Over the last week, the Sensex notched up a significant gain of 212.67 points, or 0.63 per cent. The Nifty was up 67.60 points, or 0.65 per cent.
Only for a week the market will be active after which year-end holiday mood will grip the whole world, say analysts.