Sensex turns positive, Nifty above 10,500 after trend in favour of BJP in Madhya Pradesh
Share market LIVE updates: After opening sharply lower, the domestic stock markets made a recovery from day's lows in the morning trade. The 30-share Sensex is trading at 34,828.38, up more than 400 points from day's lows, while the Nifty 50 is trading near 10,450-level.
Share market LIVE updates: After opening sharply lower, the domestic stock markets have turned positive for the day, following a trend reversal in favour of the BJP in Madhya Pradesh. The 30-share Sensex is trading at 35,072, up more than 550 points from day’s lows, while the Nifty 50 is trading above 10,500-level. The Indian rupee registered a huge loss as it slumped nearly Rs 1.10 paise against the US dollar in the early morning trade today, following the RBI Governor Urjit Patel’s shocking exit on Monday evening.
Earlier, SGX Nifty was trading sharply lower at levels around 10,340 versus Nifty December Future’s Monday close of 10,515, indicating an extremely weak opening for the Indian stock markets today. Asian markets failed to hold gains from Wall Street as both Japanese & South Korean equities were trading near low point of the day. Major US indices ended positive on Monday as Dow Jones staged a smart recovery by erasing a 500-point drop in another whipsawing session on Wall Street.
“Mr. Urjit Patel’s resignation as RBI’s Governor may create a temporary flutter in the markets that are waiting expectantly to know which way the citizens of 3 crucial Hindi Heartland States have voted. Global headwinds like escalating trade war between US & China, Britain’s Parliamentary vote on Brexit and fears of slowdown in global economic growth in 2019 has already led to a sharp spike in risk aversion for risk assets like equities,” Ajay Bodke,CEO & Chief Portfolio Manager – PMS, Prabhudas Lilladher Pvt Ltd said. We bring to you live updates.
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