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Nifty fails to settle above 10,400 as BJP's tally in Gujarat narrows

All that happened in today's trade

SI Reporter  |  New Delhi 

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Vinod Nair, Head of Research, Geojit Financial Services    Market recovered from the initial disruption after a clear victory for government in Gujarat and Himachal Pradesh state election. Increased investors sentiment will attract liquidity in the market while participants focused on the fulcrum of improvement in fundamentals to strengthen the valuation. Triggers like earnings season and global market movement will be closely watched for any earnings upgrade and US tax reform for the direction.  Market breadth   The breadth, indicating the overall health of the market, was positive. On the BSE, 1,437 shares rose and 1,209 shares declined. A total of 178 shares were unchanged. Broader markets   The S&P BSE Midcap index ended at record high level, up 0.7% to 17104, while the S&P BSE Smallcap index settled at 18252.68, up 0.4%.  Jayant Manglik, President, Retail Distribution, Religare Securities    It was an eventful day as Nifty witnessed a swing of nearly 400-odd points in early trade and finally settled with gains of over half a percent. Initially, markets reacted sharply on negative side, citing unexpected lead by the Congress in Gujarat election, but not for long. The situation completely reversed in next few minutes as BJP took over Congress in both the states and progressed towards comfortable win. However, volatility remained high on stock-specific front, keeping the uneasiness intact.   Nifty has again reached closer to its record high, clearly indicates that bulls are in control. Participants will now be at ease as there's no major event ahead and global cues will take over. We suggest keeping stock-specific trading approach with bias on the positive side. Sensex heatmap at close Source: BSE Markets at close Index Current Pt. Change % Change   S&P BSE SENSEX 33,601.68 +138.71 +0.41   S&P BSE SENSEX 50 10,832.50 +48.05 +0.45   S&P BSE SENSEX Next 50 35,735.28 +266.81 +0.75   S&P BSE 100 10,851.02 +53.52 +0.50   S&P BSE Bharat 22 Index 3,723.82 +14.92 +0.40 Source: BSE

 
The benchmark indices recovered all its initial losses on Monday as Prime Minister Narendra Modi’s Bharatiya Janata Party (BJP) appeared to win Gujarat for a sixth term, but Nifty50 failed to end above its crucial 10,400 mark 

Earlier in the session, the indices had dropped as much as 2.5% each, posting their biggest intraday loss in more than a year as initial counting showed a close fight between the ruling Bharatiya Janata Party and the main opposition Congress party.

The Election Commission of India will announce the Assembly election results on eci.nic.in. 

Exit poll findings had also given the an upper hand in both Gujarat and Himachal Pradesh.

Overseas, Asian shares edged up with sentiment boosted by expectations US lawmakers will pass a long-awaited tax bill this week, while Chinese stocks were soggy on concerns about liquidity and tighter regulations in the world’s second largest economy.

First Published: Mon, December 18 2017. 15:35 IST
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Nifty fails to settle above 10,400 as BJP's tally in Gujarat narrows

All that happened in today's trade

All that happened in today's trade
 
The benchmark indices recovered all its initial losses on Monday as Prime Minister Narendra Modi’s Bharatiya Janata Party (BJP) appeared to win Gujarat for a sixth term, but Nifty50 failed to end above its crucial 10,400 mark 

Earlier in the session, the indices had dropped as much as 2.5% each, posting their biggest intraday loss in more than a year as initial counting showed a close fight between the ruling Bharatiya Janata Party and the main opposition Congress party.

The Election Commission of India will announce the Assembly election results on eci.nic.in. 

Exit poll findings had also given the an upper hand in both Gujarat and Himachal Pradesh.

Overseas, Asian shares edged up with sentiment boosted by expectations US lawmakers will pass a long-awaited tax bill this week, while Chinese stocks were soggy on concerns about liquidity and tighter regulations in the world’s second largest economy.

image
Business Standard
177 22

Nifty fails to settle above 10,400 as BJP's tally in Gujarat narrows

All that happened in today's trade

 
The benchmark indices recovered all its initial losses on Monday as Prime Minister Narendra Modi’s Bharatiya Janata Party (BJP) appeared to win Gujarat for a sixth term, but Nifty50 failed to end above its crucial 10,400 mark 

Earlier in the session, the indices had dropped as much as 2.5% each, posting their biggest intraday loss in more than a year as initial counting showed a close fight between the ruling Bharatiya Janata Party and the main opposition Congress party.

The Election Commission of India will announce the Assembly election results on eci.nic.in. 

Exit poll findings had also given the an upper hand in both Gujarat and Himachal Pradesh.

Overseas, Asian shares edged up with sentiment boosted by expectations US lawmakers will pass a long-awaited tax bill this week, while Chinese stocks were soggy on concerns about liquidity and tighter regulations in the world’s second largest economy.

image
Business Standard
177 22