Sensex Loses 230 Pts As SP Leads In Gorakhphur, Phulphur

Business

oi-Sunil Fernandes

By Sunil Fernandes

Published: Wednesday, March 14, 2018, 12:17 [IST]

Benchmark indices were trading lower, after reports that the Samajwadi Party (SP) was ahead in the Gorakhpur and Phulpur Lok Sabha bye-elections.

Both these seats are considered prestigious for the BJP, as Gorakhpur was vacated by Yogi Adithyanath, the Chief Minister of UP and Keshav Maurya (Deputy CM of UP) had vacated the seat of Phulpur.

The Sensex was trading lower by 225 points, while the Nifty was trading down by 74 points. Banking stocks were the big drags on the Nifty with ICICI Bank, Hero Motor Corp and Tata Power among the major losers.

Among the Nifty stocks that gained were GAIL and Infosys. Global cues were also weak, as most of Asia, was trading in the red. The Hang Sang was down more than 1.3 per cent, while the Nikkei ended 0.87 per cent lower.

If the lead trend turns into victory for the SP, we may see some more reaction in stocks.

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