The election results can be seen as a setback to the ruling party since it fell short of its expectations. But it is unlikely to influence the markets in any way. The market will be swayed by the crucial Covid and economic data, said an analyst.
“While the news regarding infections, deaths, non-availability of hospital beds & oxygen continue to be grim, there is hope in the declining trend of infections in Maharashtra, particularly Mumbai, and Delhi. If this trend continues perhaps we have left the peak of the second wave behind,” said VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
How are the blue chip stocks doing?
After opening in the red, benchmark indices pared some losses. At 9:22 am, BSE flagship Sensex was down 521 points or 1.07 per cent at 48,261. NSE benchmark Nifty followed, shedding 145 points or 0.99 per cent to 14,486.
In the 50-share pack Nifty, IndusInd Bank was the biggest gainer, up 2.06 per cent. Bajaj Auto, Cipla, Britannia, JSW Steel, Dr Reddy’s Labs, Tech Mahindra, Tata Consumer and M&M were among other gainers.
Titan was the top loser in the pack, down 2.79 per cent. SBI, Bajaj Finance, , , Tata Motors, Axis Bank, Wipro, ICICI Bank and HDFC were other losers in the pack.
THIS IS A DEVELOPING STORY. MORE TO COME…
