Sensex rises 194 pts on Gujarat exit polls

Gwen Vasquez
December 16, 2017

Exit poll findings giving the BJP an upperhand in winning Gujarat and Himachal Pradesh lit up stocks on Friday, with the Sensex soaring 216 points, up for the second successive session.

"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.

The 50-issue NSE Nifty in range-bound movements settled higher by 59.15 points, or 0.58 per cent, at 10,252.10.

A rise in wholesale inflation, which accelerated further to 3.93 per cent in November, injected a sense of caution though. The Indian rupee reported a fresh 3-month high of 64.12 against dollar in early trade on Friday.

According to exit poll results announced on Thursday post market hours, BJP is expected to retain Gujarat while it is likely to wrest Himachal Pradesh from Congress. The GST Council's meeting coming up on Saturday also kept the participants' interests alive.

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All sectoral indices on the NSE were in the green led by Nifty Metal, Realty, Auto, Financial Services, Bank Nifty and PSU Bank index that rose 2-1.6%.

Foreign portfolio investors (FPIs) net sold shares worth Rs 578.65 crore yesterday and domestic institutional investors (DIIs) too were on the same boat selling equities of Rs 116.48 crore.

Muted macroeconomic numbers released earlier this week and a sluggish trend in rest of Asia and Europe following a sell-off on Wall Street over worries surrounding United States tax cut proposals failed to hold back traders.

Dr Reddy's was the leader of the Sensex team, with a gain of 2.34 per cent, followed by Cipla. With improvement in trading sentiment, buying activity spilled over to broader markets.

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