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Elections & Markets: Indices ignore polls, Patel's exit; Sensex up 190 pts

The broader market indices overperformed their benchmark peers, with the S&P BSE MidCap index rising 1.5 per cent to end the day at 14,669, while the S&P BSE SmallCap index rose 1.5 per cent at 14,059

SI Reporter  |  New Delhi 

Markets, Stocks, BSE, NSE, SENSEX
Photo: Shutterstock.com

The benchmark indices erased their day's losses to settle around 0.5 per cent higher on Tuesday as the outcome of assembly in five states were largely in line with exit polls.

The S&P ended at 35,150, up 190 points or 0.5 per cent, while the broader Nifty50 index settled at 10,549, up 61 points or 0.6 per cent. During the day, the S&P index had fallen as much as 533 points to hit an intra-day low of 34,426 level, while the 50 index had slipped 155 points to 10,334.

The broader market indices overperformed their benchmark peers, with the S&P MidCap index rising 1.5 per cent to end the day at 14,669, while the S&P BSE SmallCap index rose 1.5 per cent at 14,059.

& MARKETS

Election experts consider it fallacious to extrapolate the Assembly poll results to predict the outcome of the Lok Sabha elections, but the verdict in the five states is likely to be interpreted as a barometer of the public mood for 2019. The results could also determine the political discourse, both of the government and Opposition, for the next few months as the winter session of Parliament begins on Tuesday, experts say. GET ALL THE LIVE UPDATES HERE

Elections & Markets: Indices ignore polls, Patels exit; Sensex up 190 pts

MARKET COMMENT Jayant Manglik, President, Religare Broking With BJP losing power in key states and uncertainty hovering around post the RBI governor’s resignation, we prefer to remain cautious on the Indian equities in the near term despite a smart rebound in today’s session. The domestic macro data like IIP, CPI & WPI, crude oil price & currency movement and global developments, especially on the US-China trade front will be closely monitored by the market participants. Investors’ focus should remain on fundamentally sound companies with strong growth prospects, while traders should avoid risky leveraged positions

Elections & Markets: Indices ignore polls, Patels exit; Sensex up 190 pts

Sectoral trend on NSE

Elections & Markets: Indices ignore polls, Patels exit; Sensex up 190 pts

S&P BSE Sensex top gainers and losers

Elections & Markets: Indices ignore polls, Patels exit; Sensex up 190 pts

Market at close   The S&P BSE Sensex ended at 35,150, up 190 points while the broader Nifty50 index settled at 10,555, up 68 points.

Elections & Markets: Indices ignore polls, Patels exit; Sensex up 190 pts

Web Exclusive Why market has taken BJP's election setback in its stride   After sliding nearly 500 points in the opening deals, the domestic equity market pared all its losses and later swung into the positive territory on Tuesday, signalling investors are not too unhappy with the results and they are seeing a light of hope. The only uncertainty was the sudden resignation of RBI Governor Urjit Patel, which triggered a knee-jerk reaction in the morning. Counting of votes in five states is underway. Congress candidates took significant lead in BJP-ruled Chhattisgarh and was inching ahead of the BJP in Rajasthan. Read more

Elections & Markets: Indices ignore polls, Patels exit; Sensex up 190 pts

Web Exclusive State poll outcome is not a big worry for the markets: U R Bhat   The Bharatiya Janata Party (BJP) has not done well, especially in the large states. As far as the markets are concerned, the state election results do not matter much. This time around, people are extrapolating this to the general elections scheduled in 2019.   I believe that the current dispensation at the Centre still has some hold over the electorate. This, in turn, is giving hope to the market. The markets have digested the bad news and are now looking ahead to other events. The general elections are still a few months away. In the interim, most negative information is already in the stock prices. Read more

Elections & Markets: Indices ignore polls, Patels exit; Sensex up 190 pts

PSU banks in focus; Corporation Bank, PNB, Uco Bank up over 5% Shares of public sector undertaking (PSU) banks were in focus, with the Nifty PSU Bank index gaining more than 2% and bouncing back 4.4% from its early morning low, as the markets shrug off worries over Reserve Bank of India (RBI) governor's exit. READ MORE

Elections & Markets: Indices ignore polls, Patels exit; Sensex up 190 pts

Web Exclusive 'Poll outcome unexpected; need a quick replacement for Urjit Patel'   Markets have taken the outcome of state assembly polls and the sudden exit of the Reserve Bank of India's governor in their stride. Jitendra Gohil, head of India equity research at Credit Suisse Wealth Management tells Puneet Wadhwa that foreign investors now will take a wait-and-watch approach as regards India given these developments. Read full interview here JItendra Gohil, India equity research head at Credit Suisse

Elections & Markets: Indices ignore polls, Patels exit; Sensex up 190 pts

NEWS ALERT Fitch says the previous RBI Governor Raghuram Rajan also resigned under similar conditions. Patel's exit points to next Governor being more amenable to Govt’s pro-growth aim

Elections & Markets: Indices ignore polls, Patels exit; Sensex up 190 pts

NEWS ALERT Fitch says Patel’s shock resignation will raise monetary policy uncertainty in India; monetary policy uncertainty already begun to affect India's financial assets

Elections & Markets: Indices ignore polls, Patels exit; Sensex up 190 pts

NEWS ALERT Fitch says believe that Urjit Patel's resignation bodes poorly for macroeconomic & financial stability in India, reports CNBC TV18

First Published: Tue, December 11 2018. 07:02 IST
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Elections & Markets: Indices ignore polls, Patel's exit; Sensex up 190 pts

The broader market indices overperformed their benchmark peers, with the S&P BSE MidCap index rising 1.5 per cent to end the day at 14,669, while the S&P BSE SmallCap index rose 1.5 per cent at 14,059

The benchmark indices erased their day's losses to settle around 0.5 per cent higher on Tuesday as the outcome of assembly in five states were largely in line with exit polls.

The S&P ended at 35,150, up 190 points or 0.5 per cent, while the broader Nifty50 index settled at 10,549, up 61 points or 0.6 per cent. During the day, the S&P index had fallen as much as 533 points to hit an intra-day low of 34,426 level, while the 50 index had slipped 155 points to 10,334.

The broader market indices overperformed their benchmark peers, with the S&P MidCap index rising 1.5 per cent to end the day at 14,669, while the S&P BSE SmallCap index rose 1.5 per cent at 14,059.

& MARKETS

Election experts consider it fallacious to extrapolate the Assembly poll results to predict the outcome of the Lok Sabha elections, but the verdict in the five states is likely to be interpreted as a barometer of the public mood for 2019. The results could also determine the political discourse, both of the government and Opposition, for the next few months as the winter session of Parliament begins on Tuesday, experts say. GET ALL THE LIVE UPDATES HERE

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