Markets were trading higher as leads from the various states began to trickle in. Leads and trends suggested that the Congress was set to win the states of Rajasthan and Chattisgarh, while it was tight race with the BJP in MP. The Sensex was trading with gains of 105 points, while the Nifty was up 44 points in trade.
1:37 pm: Clear Congress victory in Rajasthan
Congress now clears the majority mark in Rajasthan of 100 seats. While earlier it looked like Rajasthan BJP was closing in, it now looks like the Congress is headed for a clear majority on its own. Markets are flat at the moment.
1:10 pm: Markets rally
For the first time we are seeing a sharp recovery in the markets, following a better than expected performance by the BJP in Rajasthan. The Sensex was trading with gains of 239 points, while the Nifty was up 74 points in trade. The BJP was also leading in MP.
12:45 pm: IT, Pharma stocks rally
IT and pharma stocks were having a good day, as the rupee fell sharply against the US dollar. Sun Pharma, Glenmark Pharma, Lupin and Divis were among the gainers.
12:38 pm: Sensex flat
It is absolutely a flat market. The Sensex was marginally down 22 points, while the Nifty was down 6 points.
12:17 pm: Tight race in Madhya Pradesh
In Madhya Pradesh, it seems a tight race and markets are simply focusing on this state. Banking stocks were seeing huge losses, ICICI Bank, HDFC Bank amoing the losers. Interestingly, FII heavyweights like the HDFC twins were leading the set of losers.
11:55 am: Sensex recovers 600 points from low
The markets have now discounted the exit of Urjit Patel and is largely focusing on elections. The Sensex has seen massive recovery from lows, on hopes that the BJP would form the state government in MP.
11:24 am: Nifty turns positive
The Nifty turned positive in trade as the BJP once again gained the lead in the state of Madhya Pradesh. It was six points higher, in trade.
10:50 am: Rupee trades at 72.23
The rupee was trading at 72.23 against the dollar, as weakness persisted following the resignation of RBI Governor Urjit Patel.
10:32 am: Sensex recoups losses
The Sensex and the Nifty recovered losses as some beaten down names like Reliance Industries and Adani group stocks saw some recovery. There were still some hopes from investors that the BJP would still retain Madhya Pradesh, while losing Rajasthan and Chhastisgarh.
9:55 am: Marginal recovery in Nifty
There was a marginal recovery in the Nifty, on hopes that the BJP might retain Madhya Pradesh. The Nifty was down from only 97 points from a sharp fall of nearly 150 points.
Gains were seen in banking stocks, especially the PSU banking stocks like PNB, Union Bank etc.
PFC and REC, which were hammered out of shape, following reports of a stake buy from PFC, saw a sharp recovery.
9:31: IT stocks stay firm
IT stocks were seeing buying support in a falling market, thanks to a sharp depreciation in the rupee. Infosys was among the Sensex gainers. Among the top losers losers were ICICI Bank, Reliance Industries, State Bank of India and Adani Port.
9:23 am: Reliance, Adani group stocks under pressure
Reliance Industries was under severe selling pressure for a second day in a row. The stock was down 2.25 per cent, adding pressure on the indices.
9:15 am: Sensex opens lower
Benchmark indices opened lower as leads began to tickle in. The Sensex was down 295 points, while the Nifty shed 81 points in trade.
The rupee opened lower as was widely expected, following the resignation of RBI Governor, Dr Urjit Patel.
9:01 am: Rupee down
Rupee opens at 72.38, down Rupee 1.03 over Monday's close. The drop was largely on the back of the Governor's resignation.