Indian share markets opened lower in early trade Monday as PM Modi led BJP is leading as the counting of votes has begun for the assembly elections in the state of Gujarat & Himachal Pradesh. As per public a comfortable victory for BJP in Gujarat will boost the market sentiment in the short term. The keenly awaited result will be out today.
However, markets gradually turned positive and recovered the losses. BSE Sensex traded higher by 183.78 points at 33,646.75 while the NSE Nifty got back above 10,396.10 up by 62.85 in later morning hours.
Shares of Mahindra and Mahindra, Adani Ports, Larsen & Toubro and ICICI Bank are top gainers with gains respectively by 2.49%, 1.99%, 1.54% and 1.30%. On the other hand, shares of Power Grid, TCS, and ITC declined 0.93%, 0.91% and 0.51%, each.
Commodity: Gold stayed supportive after regaining from its five-month low. The metal is currently quoting at USD 1258 per ounce, flat on the day. MCX Gold futures closed to some extent in red around Rs 28,250 per 10 gms on Friday after testing lows under Rs 28,100 levels earlier last week.
The rupee also weakened against the US dollar. It opened at 64.23 a dollar and touched a low of 64.40 and was trading at 64.39 a dollar, down 0.54% from its Friday’s close of 64.05.