In early morning trade today, Sensex cracked by over 800 points as close battle between BJP and Congress in Gujarat and Himachal Pradesh Assembly elections worried Dalal Street. The Sensex recorded day's low at 32,595 while Nifty fell to reach 10,074. However as the results indicated a victory for BJP in both the states, early losses were recovered.
Meanwhile shares of Gujarat-based companies including shares of Adani Group, Cadila, Arvind, Gujarat Petronet, GNFC fell 2-15% intraday. But as BJP moved ahead of Congress in both the states, early losses in these companies were cut.
Cadila after making day's low of Rs. 401.75 was trading higher by 1% at Rs. 414.55 on the BSE. Adani Port's after recording day's low of Rs. 374.30 trimmed most of its early losses and was last seen trading higher by 1%.
Other stocks including GNFC were also trading higher by 1% at Rs. 484 on the BSE.
The exit poll results painted an easy and comfortable win for BJP in Assembly elections.
After a neck to neck battle, BJP secures the term in Gujarat for the fifth time after winning 105 seats of the total 182 seats, Congress and other parties won 73 and 4 seats respectively.
104 seats congress 75
Gujarat-based stocks trim sharp losses as BJP smells victory in polls
Shares of Adani Group and other Gujarat-based companies fell 6-15 percent intraday, before cutting those losses on Monday following trends coming in from Gujarat and Himachal Pradesh assembly election results.
Adani Enterprises, Adani Power, Adani Transmissions, Cadila, and Arvind, Gujarat Gas, Ratnamani Metals, among others fell 2-15 percent intraday. But they recovered after trends showed that BJP was winning elections in both states. Stocks like Adani Transmission was up over 1 percent. Cadila and Arvind were trading flat.
Trends coming in for assembly election results for Gujarat and Himachal Pradesh showed a victory for the Bharatiya Janata Party (BJP), but the margin of victory worried the Street. Remember, exit polls had shown a comfortable win for the party, but these trends show that it may have just crossed the half-way mark.
At 9:50 am, the BJP was leading 103 seats against Congress' 75 constituencies in contrast to 8:35 am, when the BJP was leading in 58 seats while the Congress was leading in 32 assembly constituencies.
tags #Buzzing Stocks
Gujarat Based Company Shares are trading