JOIN USMarkets staged a smart comeback after opening deep in the red following the drubbing that the BJP-led NDA got in the Bihar elections. While the S&P BSE ended 143.84 points (0.55 per cent) lower at 26,121.40, the Nifty 50 closed 39 points (0.49 per cent) down at 7,915.2.
“Markets made a stunning recovery in trade with the Sensex reversing losses of nearly 400 points and the Nifty reversing losses of nearly 100 points. Markets opened deep in the red as investors fretted over the state of economic reforms in the country following a dismal BJP loss in the state of Bihar,” BNP Paribas Mutual Fund Fund Manager – Equities Shreyash Devalkar said.
“However, investor fears were allayed after the finance minister Arun Jaitley sought to separate the rout in Bihar from economic reforms and global rating agency Fitch maintained its medium-term economic outlook on India,” said Devalkar.
Sun Pharma led the list of losers, down 5.4 per cent to Rs 760 with volumes of 79.03 lakh shares. Other major losers included BHEL (down 4.39 per cent to Rs 183.05), Cairn (down 4.11 per cent to Rs 144.60), Dr Reddy’s (down 3.38 per cent to Rs 3507.95). Advances led declines marginally on NSE despite the fall with 838 scrips advancing and 632 scrips declining and 88 remaining unchanged.
Tata Motors gained four per cent despite the overall fall in the markets. Other major gainers included Bank of Baroda. Maruti, Asian Paints and Punjab National Bank.