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Sensex, Nifty rises 400 points after BJP booked Karnataka as their 21st State

Sensex, Nifty rises 400 points after BJP booked Karnataka as their 21st State
Written by Abhishek Lohia

After losing the 2018 Karnataka Assembly Elections, Share market has been boosted up rapidly. The Sensex rose over 400 points and Nifty hit 10,900 for the first time since February 2, 2018, on Tuesday amid the early trends of the results of Karnataka assembly elections showing BJP leading gains in the Congress-ruled state. The BJP emerged as the clear-cut winner with more than 117 seats in the contest for 222 assembly seats. The Sensex rose 348 points or 0.98% to 35,905, the Nifty was up 97 points or 0.81% to 10,903. Top Sensex gainers were PowerGrid (2.13%), Hindustan Unilever  (1.73%) and TCS (0.62%). However, these prices have boosted for a short-time, and according to some Share market analysts, the market/Shares will be normalised in next few days.

Share Market after 2017 Gujarat Assembly Elections

In 2017, Gujarat Assembly elections, After the first hour of trading, M&M, Adani Ports, Tata Steel, and HDFC Bank were trading with 1.92 percent, 1.81 percent, 1.75 percent and 1.33 percent, higher. L&T, ICICI Bank, Asian Paints and SBI added up to 1 percent. Power Grid, TCS and IndusInd Bank were trading lower at that moment. At 10.20 am, Sensex was trading 171 points higher at 33,634.10. The index swung in the 1,100-point range in the first hour of trading after elections result. Nifty50, after testing 10,100 level in morning trade, was trading near 10,400 level. The 30-share pack Sensex was trading at 1:40 PM with 242 points higher at 33,705.40 with Mahindra & Mahindra (up 2.50 percent) being the top gainer and Coal India (down 1 percent) the worst laggard. The broader Nifty50 index of National Stock Exchange (NSE) was 84 points up at 10,417 with 38 constituents in green, and 12 were in the red.

Share Market after 2018 Karnataka Assembly Elections

On Monday, the Sensex closed about 21 points higher after early gains were erased due to a sell-off by shareholders ahead of the result of Karnataka assembly elections. The broader 50-issue NSE Nifty edged up just 0.10 points to close at 10,806, after shuttling between 10,834 and 10,774. Benchmark indices extended rally as the latest vote counting trend shows that BJP is leading in 112 seats, Congress in 61 seats and JDS in 45. The 30-share BSE Sensex was up 351.17 points or 0.99 percent at 35,907.88, and the 50-share NSE Nifty rose 93.30 points or 0.86 percent to 10,899.90.

All sectors are in the green list, with banks and metals leading the charge while the broader markets underperformed front-liners, with the Nifty Midcap rising 0.4 percent. HDFC Bank, Reliance Industries, ICICI Bank, Infosys, TCS continue to support the market.

About the author

Abhishek Lohia

Abhishek Lohia was a Sports and Political Writer working for Newsfolo and is no longer associated with the organization.

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