New Delhi: Indian markets did a surprise U-turn today around noon after having taken continuous beating from investors ever since the opening bell rang in the morning. Sensex has actually reversed its trend, and in fact the index has managed to claw itself back over the 35,000-pt mark. The reason was not far to see. The markets reversed trend after BJP managed to inch ahead of Congress in Madhya Pradesh – the counting is still on.
At around 1147 hours, Sensex was trading at 35,022.55 points, above by 62.83 points or 0.18 per cent and Nifty 50 was up by 28.25 points or 0.27 per cent, trading at 10,516.70 points. With this surge in Sensex, the index has managed to over come more than 700 points in two day’s time.
Investors are now back in wait and watch mode, as the counting of votes in Madhya Pradesh, Telangana, Rajasthan, Chhattisgarh and Mizoram continues at full speed.
In Madhya Pradesh, the latest trends in counting show the BJP is leading in 115 seats, taking the lead away from Congress, which is leading in 106 seats.
Meanwhile, in Rajasthan and Chhattisgarh, BJP has is leading in 80 seats and 24 seats respectively in comparison with Congress, which has taken a lead in 94 seats and 58 seats.
It needs to be noted that, overall performance of BJP and Congress in these five states will be known by 1730 hours today.
For now, the uptick in Sensex is reflected in some top stocks. These stocks that have gained big time are – Yes Bank is at Rs 174.30 per piece, up by 5,41%, followed by Sun Pharma at Rs 416 per piece, above by 4.60%, Asian Paints at Rs 1307 per piece, higher by 2.70%, Axis Bank at Rs 603.25 per piece, up by 2.25% and SBI at Rs 277 per piece, up by 1.32%.
Other companies that gained are Coal India, Tata Motors, Bajaj Auto, TCS, Infosys, Wipro and Vedanta.