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.
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 ...
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