The BSE benchmark Sensex staged a strong recovery from the opening low in early trade as official figures from the Election Commission trends predicted a win for the BJP with the ruling party leading in 77 seats and the Congress in 59.
The Sensex had tanked over 850 points in the early trade today as early leads projected a neck to neck fight between BJP and Congress in Gujarat.
The Sensex fell to 32,595 at day's low while Nifty slumped to 10,074. Market Analysts had predicted in a comfortable win for the BJP in Gujarat polls. Beyond the assembly election results, investors will be keeping an eye on global factors like the progress on US tax reforms and crude oil prices.
Among BSE sectoral indices, IT index fell the most by 0.64 per cent, followed by TECk 0.53 per cent, power 0.44 per cent and FMCG 0.36 per cent. On the other hand, metal index was up 1.22 per cent, capital goods 0.68 per cent, consumer durables 0.52 per cent and banking 0.32 per cent.
Out of 30 stocks, only 1 stock was trading in green. Pharma major Cipla shares were the lone stock after getting tentative approval from the US Food and Drug Administration for HIV drug, Darunavir hydrate (75-800 mg).