Sensex, Nifty Rally on Diesel Price Deregulation, Gains for BJP in State Elections

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The Sensex and the Nifty saw sharp gains in trade on a smart victory by the BJP in the state elections and a deregulation in the prices of diesel.The Sensex jumped 321 points, while the Nifty gained 99 points in trade.

Oil and Gas stocks jumped following the deregulation in diesel with ONGC jumping a huge 6 per cent in trade. Oil marketing companies joined the rally with BPCL and HPCL among the winners.

Sensex, Nifty Rally on Diesel Price Deregulation, Gains for BJP in Elections
Mid cap stocks also saw sharp gains with stocks like GMR, Petronet LNG and India Cements seeing good gains. Solid gains were also seen in PSU banking stocks with IDBI Bank, Punjab National Bank and Andhra Bank seeing good gains.

The IT pack, however, ended the day with losses with Infosys, TCS and Wipro among the losers. TCS has now lost almost 10 per cent in  two trading sessions.

Hindalco and HDFC were the other stocks that saw a sharp rally in their share prices.

Meanwhile, markets in Europe were trading lower led by losses in the German DAX and the UK's FTSE.

Read more about: sensex, nifty, hinadlco, tcs
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