Market Live: Nifty turns positive, Sensex recovers over 800 pts as BJP leads in Gujarat, Himachal

10:25 am Market Check: The rupee recovered sharply from opening lows, trading 11 points losses at 64.11 against the US dollar, after the equity markets turned positive following likely victory of BJP in Gujarat and Himachal Pradesh.

In opening, the rupee plunged 68 paise to 64.72 against the dollar today after early trend suggested that the BJP and the Congress are neck and neck in Gujarat Assembly sweepstakes after one hour of counting of votes.

Here are the top headlines at 10 am from Moneycontrol News’ Anchal Pathak

10:20 am Merger: Dish TV gained nearly 2 percent as the company received approval from the government for merger of Videocon D2H with itself.

10:15 am Buzzing: Orchid Pharma is locked at 5 percent upper circuit after a media report indicated that pharma majors Aurobindo and Dr Reddy’s labs are in race to buy the company.

10:09 am Market Check: Benchmarks indices continued to see short covering after opening losses, as latest voting counts indicated that BJP is winning in both assembly elections – Gujarat and Himachal Pradesh.

The 30-share BSE Sensex was up 192.41 points at 33,655.38 and the 50-share NSE Nifty rose 61.30 points to 10,394.60.

10:07 am Nifty Bank recovers 1,000 points from day’s low: ICICI Bank, SBI, HDFC Bank, PNB, Canara Bank, Kotak Mahindra Bank, Federal Bank and Axis Bank extended gains, rising 0.4-1 percent. IDFC Bank and IndusInd Bank were only losers.

10:01 am Listing: Future Supply Chain Solutions, the logistics arm of the Future Group, lists at a 1.5 percent premium of Rs 674 per share as against its issue price of Rs 664 per share.

9:59 am Market Update: Equity benchmarks turned positive as the Sensex recovered more than 900 points from opening lows to trade higher. Nifty got back above 10,300 levels.

Market breadth was also positive. All sectoral indices traded in green barring FMCG and IT.

9:50 am Pre-Opening: Future Supply Chain Solutions, the logistics arm of the Future Group, settled at its issue price of Rs 664 per share in pre-opening trade.

9:47 am Market Check: It is almost a ‘U’ turn for equity benchmarks as after falling more than 800 points in opening, the Sensex is currently trading with around 100 points losses and the Nifty reclaimed its 10,300 level.

In fact, Adani Group stocks also turned positive. Adani Ports, which was down nearly 5 percent in opening, gained over a percent now.

The 30-share BSE Sensex was down 119.77 points at 33,343.20 and the 50-share NSE Nifty fell 34.40 points to 10,298.90.

The gap between advances and declines narrowed sharply as about 1,103 shares declined against 824 advancing shares on the BSE, versus 1:6 in opening.

9:45 am Elections Results: Latest polling results indicated that BJP is expected to be winner in both states (Himachal Pradesh and Gujarat), though it is not a landslide win.

BJP is leading in Gujarat and Himachal Pradesh with 100 seats and 39 seats, followed by Congress with 78 seats and 22 seats, respectively.

9:42 am Buzzing: JMC Projects gained 7.4 percent on winning new orders worth Rs 790 crore.

9:38 am Leaders: Index heavyweight HDFC Bank turned positive, rising 0.2 percent and also helped benchmark indices recover.

Vedanta, Cipla, GAIL, Asian Paints and Hindalco gained 1-2 percent.

9:30 am Market Check: Equity benchmarks trimmed losses in morning trade as latest voting counts indicated that BJP is still leading in Gujarat and Himachal Pradesh but with small margin.

The 30-share BSE Sensex was down 408.61 points or 1.22 percent to 33,054.36 and the 50-share NSE Nifty fell 128.50 points or 1.24 percent to 10,204.80.

About six shares declined for every share falling in the BSE.

9:27 am All sectoral indices traded in red. Nifty Bank, Auto, Metal, Realty, IT and FMCG indices were down 1-3 percent.

9:20 am Top contributors to Nifty’s losses: Reliance Industries, HDFC Bank, ICICI Bank, HDFC, IOC, ITC, Adani Ports, Tata Motors, Bajaj Finance, Vedanta and SBI were down 2-5 percent.

9:15 am Market Check: Equity benchmarks stated off the week sharply lower on Monday as latest voting counts indicated that BJP is leading in both states (Gujarat and Himachal Pradesh) but with small margin.

The 30-share BSE Sensex was down 740.11 points or 2.21 percent at 32,722.86 and the 50-share NSE Nifty fell 208.80 points or 2.02 percent to 10,124.50.

Out of 30 stocks, only 1 stock is trading in green, which is Cipla after getting tentative approval from the US Food and Drug Administration for HIV drug, Darunavir hydrate (75-800 mg).

About five shares declined for every share rising on the BSE.

The Indian rupee was sharply lower by 25 paise to 64.29 against the US dollar in early trade, following weakness in equity markets.
Asian markets were mixed amid optimism that a plan to reduce corporate taxes would be passed in the US.