BSE Sensex surges over 400 pts as AAP beats BJP in Delhi elections, but loses momentum

After negative opening, the Sensex bounced back smartly by 400 pts points and Nifty had crossed 8500-mark on bouts of value buying in most sectors led by banking, auto, consumer durables, metal, power and FMCG in late morning deals, but by late afternoon, the markets had shed most of the gains, with BSE benchmark up by just 42.97 pts before moving up to 112.70 points to 28340.09 at pre-close. NSE Nifty was also up by 42.10 pts to 8568.45.

 


Positive macro-outlook overlapped the market sentiment and Delhi election results where the Arvind Kejriwal-led Aam Aadmi Party was charging towards a landslide victory in Delhi Assembly polls, a broker said.

Shares from Midcap and SmallCap companies also supported the market gain.

The Sensex opened at 28,122.48 and drifted to 28,044.49 before rebounding to a high of 28,522.71, quoting 28,491.96 at 1040hrs.

Showing a smart gain of 264.57 points, or 0.94 per cent, from its last close.

The CNX 50-share Nifty, after plunging to below 8,500-mark, gained 76.30 points, or 0.89 per cent, to 8,602.65 at 1040 hours.
 

Asian stocks were trading mixed. Key indices in Taiwan, Japan, Indonesia, and South Korea were down 0.17 pct to 0.7 pct. Key indices in and China, Hong Kong and Singapore rose by 0.01 pct to 0.84 pct.

Meanwhile, foreign portfolio investors sold shares worth a net Rs 660.30 crore yesterday, as per provisional data.