D-Street dances to the tune of BJP victory in Haryana; Sensex up 585 points

Mumbai: A clear victory for BJP in Haryana for the record third time in a row has cheered the stock market as it snapped the 6-day losing streak as the BSE Sensex surged nearly 585 points to close positive at 81,634.81 due to buying across sectors in the large cap, mid and small cap shares.

The National Stock Exchange (NSE) Nifty also gained 217.40 points to close at 25,013.15.

According to trading community, BJP’s record third time victory in Haryana, beating the anti-incumbency, has set the tone for forthcoming elections in other state assemblies in Maharashtra, Jharkhand and Delhi. This has improved confidence in the investors’ community.

The Foreign Institutional Investors (FIIs) had sold equities in the cash segment worth Rs 8293 crore and the Domestic Institutional Investors (DIIs) had bought to the tune of Rs 13,245 crore in the last trading session yesterday, according to data available.

Sources in the trading community, however, cautioned that geo political situation continues to be fragile and it may have impact on the stock market.

The Sensex opened negative at 80,826.56 and fell 224 points. It further lost 237 points at 80,813.07 to touch day’s low. In late trade it erased earlier losses, and finished at 81,634.81, gaining 584.81 pts from its previous close. It had touched day’s high at 81,763.28, up 713 points.

The Mid-cap rose by 1.86 percent and the Small-cap by 2.44 percent. In the 30-scrips BSE Sensex shares of 19 companies advanced as they ended in green, while that of 12 companies declined from their previous close.

The gainers were Adani Ports by 5.01 percent to Rs 1422, M& M by 3.48 percent to Rs 3167.70, Reliance Industries by 2.12 percent to Rs 2799, HDFC Bank by 1.94 percent to Rs 1651 and L& T by 1.81 percent to Rs 3532.50.

The losers included Tata Steel by 2.74 percent to Rs 159.80, Titan by 2.37 percent to Rs 3502.25, Bajaj Finserv by 2.02 percent to Rs 1842, and JSW Steel by 1.75 percent to Rs 1001.10.