Sensex sheds 1% as investors react to Urjit Patel's exit; election trends
Among sectors, banks, automobiles, energy, consumption, and metals are the top losers.
Equity benchmarks are off their low points, with the Nifty nearing 10,400.
The Sensex is down 380.52 points or 1.09% at 34579.20, and the Nifty down 109.20 points or 1.04% at 10379.30. The market breadth is negative as 347 shares advanced, against a decline of 730 shares, while 40 shares were unchanged.
BJP winning 2:1 (two states out of Madhya Pradesh, Rajasthan and Chhattisgarh) should not be a great thing to be taken by the market and should not be a comfort level.
Currently BJP has 62 out of total 65 Lok Sabha seats, if that count drops to around 35 then that will be taken badly by the market, he feels.
With respect to RBI, the price action in currency as well as equity market will be taken with a pinch of salt by the government as they will try to protect both markets, he said, adding the day will be managed by the government.
Udayan said who is the RBI government is not important but the resignation would be perceived as important by the world. He sees deep ramification in the medium term.The Sensex is down 482.68 points or 1.38% at 34477.04, while the Nifty is lower by 116.70 points or 1.11% at 10371.80. The market breadth is negative as 90 shares advanced, against a decline of 418 shares, while 16 shares were unchanged.
Among sectors, banks, automobiles, energy, consumption, and metals are the top losers. The Nifty Midcap index is down over a percent as well.
Infosys and Tech Mahindra are the top gainers, while IndusInd Banks, Adani Ports, and Reliance Industries lost the most.
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