wnol.info July 21 2018

Sensex rises 194 pts on Gujarat exit polls

July 21 2018, 07:52 | Irvin Gilbert

Sensex rises 194 pts on Gujarat exit polls

Exit polls drive stocks high Sensex jumps 216 points

Benchmark equity indices BSE Sensex and NSE Nifty surged almost 1 per cent each in early trade on Friday after exit polls predicted a victory for the ruling BJP in Gujarat.

The 30-share BSE index came off its early high, but was still up 269.51 points - 0.81% - at 33,516.21 at 1128 hours. During the afternoon trade, Sensex zoomed 313 points or 0.94% to 33,560.27 while the wider Nifty was up by over 98 points or 0.96% to 10,350.75. "GST Council's urgent meeting scheduled on Saturday also keeps market interested, while advance tax numbers could give a leading indication towards corporate performance and growth expectations".

"Markets ended higher on Friday on the back of the outcome of Gujarat and Himachal Pradesh exit polls".

In the forex market, the rupee appreciated 23 paise to 64.11.

Foreign portfolio investors (FPIs) net bought shares worth Rs 232.17 crore yesterday.

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The project is also a part of a comprehensive reform program aimed at reducing the country's dependence on oil. The government said it expected to open over 300 cinemas with more than 2,000 screens by 2030.

"Some selling was seen towards the close on the back of weakness in the global equity markets", he added. Underlined disruptions on government reforms have not influenced the poll.

"Metals gained its sheen after the recent correction, while bank nifty and auto outperformed the main index as investors used the advantage of bargaining opportunity", he added.

Indian stocks traded cautiously lower on Thursday ahead of exit poll results for Gujarat election.

Among the top Sensex laggards, TCS fell 2.8 percent, Wipro declined 1.3 percent, Power Grid lost 0.7 percent while Tata Steel was down 1 percent.

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