Sensex and Nifty gained heavily in the early trades on Friday after it seems that Narendra Modi led BJP is likely to win the election battle in the states of Gujarat and Himachal Pradesh. The Bharatiya Janata Party saw heading for victories in Gujarat and Himachal Pradesh after the exit polls by various media houses showed a saffron wave in both states. As far as the state of Gujarat is concerned, almost all exit polls predicted more than 100 seats out of 182 for the BJP where the party has been positioned in power nearly for last two decades. The benchmark Sensex added as many as 370.91 points to hit the day’s high at 33,617.61 while the broader Nifty 50 index neared 10,400, rising by 119.55 points to hit the day’s high at 10,371.65.
Shares of heavyweight companies such as HDFC Bank (up 2.66%), Bajaj Auto (up 2.34%), L&T (up 2.2%), Adani Ports (up 2.16%), Tata Steel (up 1.99%), Tata Motors (up 1.42%) emerged as the top gainers on Sensex. All the Sectoral indices of NSE traded in green with Nifty Metal, Nifty PSU Bank, Nifty Realty, Nifty Fin Service, Nifty Bank, Nifty Pvt Bank leading the charge. The stocks of bluechip companies such as HDFC Bank, HDFC, Reliance Industries, L&T, ITC, ICICI Bank, State Bank of India, Maruti Suzuki, Tata Motors contributed the most to the Sensex upsurge. Collectively these nine stocks alone added about 280 points. BSE Sensex gained as much as 209.32 points to open at 33,456.02 while NSE Nifty started 93.55 points higher at 10,345.65.
Meanwhile, in the state of hills Himachal Pradesh, where the electorate has chosen the Congress and BJP alternately in Assembly elections, the exit polls projected a clear majority for the saffron party, unseating the Congress. Today’s Chanakya gave BJP 135 seats in Gujarat and predicted a measly 47 for the Congress, 14 less than the opposition party has in the current Assembly. A party or an alliance has to win at least 92 seats in the 182-member House to form the government in Gujarat. The Times Now-VMR Exit poll predicted 113 seats for the BJP and 66 for the Congress, with the remaining going to others. The Republic-C Voter Exit Poll gave the BJP 108 seats and the Congress 74. The ABP-CSDS exit survey by ABP News predicted a BJP victory in 117 seats as against the Congress’s 64. The NDTV said the BJP was likely to clinch 112 seats and the Congress 70.
Major US stock indexes fell on Thursday, with the S&P 500 down the most in a month, as investor worries over potential roadblocks to the Republicans’ tax overhaul more than offset optimism over strong retail sales data, Reuters said in a report. The Dow Jones Industrial Average fell 76.77 points, or 0.31% to close at 24,508.66, the S&P 500 lost 10.84 points, or 0.41% to 2,652.01 and the Nasdaq Composite dropped 19.27 points, or 0.28% to 6,856.53.