Indices off lows as BJP back in lead in Gujarat


Equity tips:-
  • After opening over 2% lower, share indices were off lows as leads showed that the Bharatiya Janata Party was leading in Gujarat.  
  • Both the Nifty 50 and Sensex were over 1% lower each as equity markets had factored a clear victory for the BJP. At 09:28 AM, the BJP was ahead in 87 of the 172 leads in Gujarat.  
  • In Himachal Pradesh, they were ahead in 29 of the 50 leads available.  
  • At 09:29 AM, the Nifty 50 was at 10214.80, down 118.45 points or 1.1% from its previous close. Sensex was at 33097.36, down 365.61 points or 1.1%.  
  • The December futures of the Nifty 50, which had plunged nearly 3% earlier, came sharply off lows after the BJP got a majority in Gujarat assembly.  
  • Anxiety among investors abated as the incumbent BJP regained its lead in Gujarat assembly elections, leading to a drop in India VIX. However, the volatility index that had surged to its 52-week high after vote count trends showed Congress in lead briefly, but gave up gains later.  
  • Shares of Adani group companies came significantly off lows after reports showed that BJP was leading.  
  • Shares of Bharti Airtel fell 4.4% today after the company said that Unique Identification Authority of India has served an interim order to the company and subsidiary Airtel Payments Bank.
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