PFC

India Strategy - Election Results

Sensex ends 190 points lower on UP election uncertainty

It was second straight day fall for markets on the back of election results and weak global cues. The Sensex down 190 points and the Nifty down 58 points
Headlines for the day
IT stocks surge on weak rupee
Indraprastha Gas gains after hike in CNG price
Govt holding in ONGC drops by 4.91% post sale
Rupee weakens past 50/dlr as election results weigh

Sensex, Nifty hit 5-week lows; metal stocks lead decline

Key benchmark indices extended losses for the second straight day to reach their lowest level in five weeks after a setback to the Congress party in assembly elections clouded the UPA government's ability to push economic reforms. The Congress party heads the United Progressive Alliance (UPA) coalition government at the centre. The market breadth was weak. Volatility was high as results of assembly elections held in five states filtered in since early morning. The barometer index, BSE Sensex, lost 189.58 points or 1.09%, off close to 520 points from the day's high and up about 45 points from the day's low. Weakness in global stocks also hurt sentiment adversely.

The barometer index has lost 575.40 points or 3.24% in March 2012 so far (till 6 March 2012). The Sensex had jumped 559.13 points or 3.25% in February 2012. The index has surged 1,718.37 points or 11.11% in calendar 2012 so far (till 6 March 2012). From a 52-week low of 15,135.86 on 20 December 2011, the Sensex has risen 2,037.43 points or 13.46%. From a 52-week high of 19,811.14 on 6 April 2011, the Sensex has lost 2,637.85 points or 13.31%.