Mumbai: As the leads in Gujarat started reversing, with the Congress and the BJP fighting neck and neck, the stock market wasn’t too happy. At 9:30 am, the BSE Sensex slipped over 850 points, and the Nifty fell over 200 points as Gujarat trend predicted BJP upset.
Word on the Dalal street was strong or even a comfortable win for BJP in Gujarat will boost the market sentiment in the short term. But clearly, the red indices don't indicate that now.
At 9:30 am, all sectoral indices traded in red. Nifty Bank, Auto, Metal, Realty, IT and FMCG indices were down 1-3 percent.
The markets opened in red. The 30-share BSE Sensex was down 740.11 points or 2.21 percent at 32,722.86 and the 50-share NSE Nifty fell 208.80 points or 2.02 percent to 10,124.50.
However, gradually, Sensex and Nifty recovered after the first steep opening losses.
The BJP has touched the 100-seat mark in Gujarat as per early trends, facing off an initial scare where the Congress narrowed down the gap to two seats.
Chief Minister Vijay Rupani is now back in the lead against Congress’ Indranil Rajyaguru in Rajkot West, but Deputy CM Nitin Patel is still trailing in Mehsana where the Jignesh Mewani factor is at play, while its state unit chief Jitu Vaghani is also behind in Anand. In Himachal Pradesh, the Congress seems headed for the opposition benches with the BJP touching the majority mark of 36 as per trends.
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