LIVE TV
ZEE Business
ZEE BUSINESS
हिंदी में पढ़ें  हिंदी में पढ़ें
Live TV
Live TV
  • Home
  • Budget 2021
  • Personal Finance
    • PPF
    • Mutual Funds
    • Income tax
    • EPFO
    • Income Tax Calculator
    • Personal Loan Calculator
    • Car Loan Calculator
    • Home Loan Calculator
    • SIP calculator
    • SWP Calculator
    • MF Returns Calculator
    • Lumpsum Calculator
  • India
    • Companies
    • Property
    • Startups
    • Uidai
  • Economy
    • Aviation
  • Tech
    • Mobiles
    • Apps
  • Auto
    • Cars
    • Bikes
  • Markets
    • Commodities
    • Currency
  • Jobs
  • Indian Railways
  • World
    • Economy
    • Politics
    • Markets
  • videos
  • photos
  • Authors
  • More ...
    • VIDEOS
    • PHOTOS
Read in App
Business News » India News

Assembly Elections result 2018! Sensex soars over mount 35,000, gains 190 pts after horrific tumble; BJP set to be bested by Congress

  • Twitter
  • Facebook
  • Linkedin
  • whatapp
  • View in App
Assembly Elections result 2018! Sensex soars over mount 35,000, gains 190 pts after horrific tumble; BJP set to be bested by Congress
In the midst of Assembly Elections 2018 held in five states, Sensex and Nifty erased the tensions and gained massively as investors put in their money in stocks. Photo: Pixabay
Written By: Pooja Jaiswar
Updated: Tue, Dec 11, 2018
04:59 pm
Mumbai, ZeeBiz WebDesk
RELATED NEWS
Delhi Assembly Elections 2020: Dates, schedule announced - Know polling, result, counting details Delhi Assembly Elections 2020: Dates, schedule announced - Know polling, result, counting details
Maharashtra government formation: Devendra Fadnavis, Ajit Pawar resign! Uddhav Thackeray set to be new CM Maharashtra government formation: Devendra Fadnavis, Ajit Pawar resign! Uddhav Thackeray set to be new CM
Mumbai University exams dates to be rescheduled due to upcoming assembly election Mumbai University exams dates to be rescheduled due to upcoming assembly election
Andhra Pradesh Congress Candidate List 2019 for Lok Sabha Elections, Assembly Polls: Check names here Andhra Pradesh Congress Candidate List 2019 for Lok Sabha Elections, Assembly Polls: Check names here
How Assembly election results 2018 made Rakesh Jhunjhunwala richer than ever before! 16 stocks shine for ace investor; do you own any? How Assembly election results 2018 made Rakesh Jhunjhunwala richer than ever before! 16 stocks shine for ace investor; do you own any?

The Indian markets managed to pull off one of the most stunning recoveries. From a knock out punch in the morning, the markets staged a virtually miraculous comeback! And that too despite the poll results going very much against most expectations. This is despite the fact that exit polls had already raised a red flag as a warning, but most analysts still expected the PM Narendra Modi led BJP to emerge a winner, at least in the economically powerful Madhya Pradesh. 

Yes, it started out as a 'Black Tuesday'. And yes, that was the prediction of the experts and that is exactly how it panned out early in the morning. But that is not how the markets ended the day. They actually closed with a roar! Casting aside fears of exit polls, resignation of Urjit Patel as Governor of RBI or even the increasing prospects of a big defeat for BJP at the hands of underdog Congress in the 3 top states of India, namely Madhya Pradesh, Rajasthan and Chhattisgarh, the markets skyrocketed today. 

Yes, Dalal Street has surprisingly turned out a very fruitful session for investors, enriching them immeasurably. In the midst of Assembly Elections 2018 held in five states, Sensex and Nifty erased the tensions and gained massively as investors put in their money in stocks to take full advantage of opportunities that have opened up that they have identified going forward. After dropping 500 points in early trade, the benchmark Sensex has finished at 35,150.01 points soaring by 190.29 points or 0.54%%. With this performance, Sensex has also managed to gain over 700 points, which it had lost in the past two days that was blamed on exit poll results. On the similar lines, the Nifty 50 finished at 10,549.15 rising by 60.70 points or 0.58%. 

"Market participants felt that the performance of the ruling alliance was better than expected in MP and Rajasthan," HDFC Securities' Retail Research Head Deepak Jasani said.

Apart from this, market sentiment received a boost especially in banking stocks when news arrived that indicated a new RBI governor, either interim or full time, will be announced today itself. Exactly who will be named the successor of Urjit Patel, will be keenly watched.  

Jasani added, "Positive global markets also aided sentiments. Short-covering along with absence of large selling led to recovery in the markets. PSU Banks saw buying in anticipation of a liberal RBI governor."

Here are 6 key points that made the markets today!

Shining stocks! 

The beating witnessed during the initial trading session was fought back by investors and they forced them to do a tremendous U-turn and many companies have seen hefty buying sentiment. 

The gainers list on Sensex involved Yes Bank taking lead at Rs 177.40 per piece up 7.29% , followed by Sun Pharma at Rs 421.80 above 5.75%, Asian Paints at Rs 1319.10 per piece higher by 3.65%, SBI at Rs 281.20 per piece up 2.85% and Axis Bank at Rs 604.25 per piece above 2.43%. 

Other companies that also saw uptick in their market price were ITC, Coal India, Infosys, Bajaj Auto, TCS, NTPC, Vedanta, Tata Motors and Reliance Industries rising in the range of 0.80% to nearly 2%. 

Love for Midcap and smallcap stocks! 

Investors were quite upbeat in mid cap and small cap stocks today. The S&P BSE MidCap finished at 14,683.98 points, above by 237.51 points or 1.64%. Companies like KIOCL, MFSL, Dewan Housing, GE T&D India, Kansai Nerolac, Ajanta Pharma, Glenark, Adani Power, Shriram Transport and Godrej Industries were top gainers,  surging in the range of 4% to 8%. 

Whereas the S&P BSE SmallCap completed at 14,079.74 points higher by 234.04 points or 1.69%. Under small cap index, stocks like Finotex Chemical, Birla Money, Lumax Tech, Quess Corp and DFM Foods were top gainers jumping between 11% to 20%. 

#ZBizHeadlines | एक नजर इस वक्त की बड़ी खबरों पर। pic.twitter.com/gimBzRMfQZ

— Zee Business (@ZeeBusiness) December 11, 2018

Hefty buying in healthcare, banking and consumer durable stocks! 

Most of the sectors saw an extremely positive reactions from investors, but most of the buying were made in consumer durable, banking and healthcare stocks. 

The S&P BSE Consumer Durables ended at 20,500.68 points, soaring by a whopping 519.24 points or 2.60%. There were no losers in this index! In this sector, companies like TTK Prestige (+6.39%), Symphony (+6.30%), VIP Industries (+5.02%), Voltas (+3.59%), Titan (+2.77) and Crompton Greaves (+2.34%). Also, PC Jewellers, Blue Star, Whirlpool and Rajesh Exports also gained between 0.37% to over 2%. 

Second best preferred sector was healthcare stocks as the S&P BSE Healthcare rose by 259.70 points or 1.93% after ending at 13,704.65. In this sector, companies like Morepenlab (+10.33%), IOLCP (+8.31%), Hesterbio (+7.12%), Medicameq (+6.43%), Star (+6.42) and NEC Life (+6.28%). Also, PRG Life, Sun Pharm, Sequent and Ajant Pharma also gained between 6.17% to 5.53%

Banking stocks were not too far away as the S&P BSE Bankex surged by 174.05 points or 0.60% and finished at 29,229.87 points. 

Gainers list in Bankex involved Yes Bank (+7.29%), PNB (+5.86%), SBI (+3.16), BOB (+2.27%), Federal Bank (+2.12%), Kotak Bank (+1.70%) and IndusInd Bank (+0.14%). It was only HDFC Bank and ICICI Bank who did see favor in the eye of investors as they ended as top losers by tumbling 1.36% and 0.90% respectively. 

Assembly elections outcome!

Overall outcome will be soon be presented. Five states election results namely of Chattisgarh, Madhya Pradesh, Rajasthan, Telangana and Mizoram are about to be announced. 
So far, it is clear that in MP, Congress has taken the lead in 115 seats as compared to BJP, which is leading in 104 seats. 

In Rajasthan, Congress is leading in 95 seats whereas BJP is leading in 65 seats.

Meanwhile, in Chhattisgarh, Congress is leading in 63 seats. In  comparison, BJP is leading in 18 seats. 

On the other hand, BJP and Congress have faced been beaten roundly in Telangana and Mizoram. 

Rupee! 

The Indian rupee fell over 110 paise in the market opening session. Currently rupee is trading at 71.855. The Indian currency actually appreciated by 0.85% against US dollar. 

Indian rupee was trading at 72.1350 against US dollar index, however, the domestic currency made its opening at 72.46. 

In previous trading session, the Indian rupee was sharply lower from its close of 71.35. 

Talking about forex market traders in USDINR, Anindya Banerjee analyst at Kotak Institutional Equities said, "Traders are looking at the state elections as a early indication for the trend in national elections next year and hence a poor show from BJP can increase the risk of a hung parliament next year."

Global markets!

Oil prices were under pressure on Tuesday amid worries over global stock markets and doubts that planned output cuts led by producer club OPEC will be enough to rein in oversupply. But traders said crude prices received some support after Libya`s National Oil Company (NOC) declared force majeure on exports from the El Sharara oilfield, the country`s biggest, which was seized last weekend by a militia group.

NOC reportedly said the shutdown would result in a production loss of 315,000 barrels per day (bpd), and an additional loss of 73,000 bpd at the El Feel oilfield.

Apart from this the report added, the rise in prices came after crude dropped by 3 percent the session before amid ongoing weakness in global stock markets and concerns that slowing oil demand-growth could erode supply cuts announced last week by the Organisation of the Petroleum Exporting Countries (OPEC) and some non-OPEC producers including Russia. 

From the above, it can be surely said that Indian markets had a roller coaster ride today, but aside from the scary moments, it all ended positively! 

Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.

TAGS:
Assembly ElectionsSensexNiftyRupeeGlobal MarketsIndian marketsAssembly election result
RELATED NEWS
Delhi Assembly Elections 2020: Dates, schedule announced - Know polling, result, counting details Delhi Assembly Elections 2020: Dates, schedule announced - Know polling, result, counting details
Maharashtra government formation: Devendra Fadnavis, Ajit Pawar resign! Uddhav Thackeray set to be new CM Maharashtra government formation: Devendra Fadnavis, Ajit Pawar resign! Uddhav Thackeray set to be new CM
Mumbai University exams dates to be rescheduled due to upcoming assembly election Mumbai University exams dates to be rescheduled due to upcoming assembly election
Andhra Pradesh Congress Candidate List 2019 for Lok Sabha Elections, Assembly Polls: Check names here Andhra Pradesh Congress Candidate List 2019 for Lok Sabha Elections, Assembly Polls: Check names here
How Assembly election results 2018 made Rakesh Jhunjhunwala richer than ever before! 16 stocks shine for ace investor; do you own any? How Assembly election results 2018 made Rakesh Jhunjhunwala richer than ever before! 16 stocks shine for ace investor; do you own any?

LATEST NEWS

7th Pay Commission: Salary up to Rs 1.77 lakh plus DA, HRA; check details at nta.nic.in - Delhi University Recruitment 2021

PUBG Mobile 1.3 beta update: APK download link for global version - Check all details here!

Anil Singhvi decodes Bull Market, says do not worry, fall in the US market caused by profit-booking

Heranba Industries IPO Subscription: Al the details highlighted for Investors

RailTel Corporation makes strong debut on bourses

Hot Money Tip! Get Rs 5000 monthly pension for just Rs 7 per day; Check this APY chart

Lady Gaga offers $500,000 reward for stolen French Bulldogs

7th Pay Commission latest news: Big news for Central government employees - New window opened to save money

PM Modi to address 33rd Convocation of Tamil Nadu Dr. M.G.R. Medical University today

7th Pay Commission: DA, TA, DR, salary hike—what central government employees and pensioners must know

  • India News
  • World News
  • Companies News
  • Market News
  • Personal Finance News
  • Technology News
  • Automobile News
  • Small Business News
  • Income Tax Calculator
  • Live TV
  • Videos
  • Photos
  • Author
  • Rss Feed
  • Advertise with us
  • Privacy Policy
  • Legal Disclaimer

Latest Trending Updates

  • EPFO
  • Budget 2020
  • Income Tax Return
  • Auto Expo 2020
  • Home Loan
  • Business News

Trending Topics

  • Income Tax
  • income Tax Calculator
  • 7th Pay Commission
  • Reserve Bank of India
  • GST
  • Latest Business News

Follow us on

zeebiz
zeebiz

Partner Sites

  • Zee News
  • Hindi News
  • Marathi News
  • Bengali News
  • Tamil News
  • Malayalam News
  • Gujarati News
  • Telugu News
  • Kannada News
  • DNA
  • WION
Copyright © Zee Media Corporation Ltd. All rights reserved