On Thursday (March 10), the Indian equity benchmark indices showed an upward surge as early election trends predicted a comfortable victory for the ruling Bharatiya Janata Party (BJP) in 4 out of the 5 poll-bound States. The election results for the States of Punjab, Goa, Uttar Pradesh, Uttarkhand and Manipur are due today.
At 12:07 pm, Sensex surged 1247.57 points (2.28% high) and traded at 55,894.90. The biggest gainers in the 30-share Sensex pack were the ICICI bank, Axis Bank, State Bank of India, Induslnd Bank and Hindustan Unilever Limited.
Nifty 50 of the National Stock Exchange (NSE) also soared 366.35 points (2.24%) and traded at 16711.70 at 12:08 pm on Thursday.
“The outcome of the Uttar Pradesh election will be widely watched by markets because it will set the tone for how the ruling Bharatiya Janata Party approaches and prepares for the general elections in 2024,” remarked Mohit Nigam of Hem Securities.
As of 12.30pm on Thursday (March 10), the BJP is leading on 273 seats out of total 403 seats in Uttar Pradesh. The party is leading in Manipur on 28 seats out of the 60-seat Assembly, while its NDA ally NPP is leading in 10 seats. BJP is also leading in 42 seats in the 70 seat Uttarakhand assembly, and in 19 out of 40 seats in Goa. AAP is leading in 90 out of 117 seats in Punjab, ensuring a comprehensive victory.
