NSE Building stands in Mumbai. (Photographer: Rajendra Giri/BloombergQuint)

Nifty Erases Entire 2018 Gains As Exit Polls Predict Close Battle For BJP

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Closing Bell: Sensex, Nifty Clock Worst Day In Two Months Ahead Of Poll Results

Indian equity benchmarks posted their worst day since Oct. 11 after exit polls predicted close fight for the Bharatiya Janata Party in Madhya Pradesh and Chhattisgarh while a victory for Congress in Rajasthan before general elections in 2019.

The S&P BSE Sensex fell 2 percent or 713.53 points to 34,959.72 and the NSE Nifty 50 Index dropped 1.9 percent or 205.25 points to 10,488.45. The gravity of fall was such that 28 of 30 stocks in Sensex ended lower.

Six major exit polls showed Modi’s Bharatiya Janata Party and the opposition Congress party neck-and-neck in the central Indian states of Madhya Pradesh and Chhattisgarh, which are considered BJP strongholds.

All 19 sector gauges compiled by BSE ended lower led by the S&P BSE Realty Index's 3.15 percent fall.

Selling pressure was broad-based as the S&P BSE MidCap and S&P BSE SmallCap Indices fell 1.8 percent each.

Sensex Breaks Below 35,000, Falls Over 750 Points

The S&P BSE Sensex extended losses and fell as much as 2.12 percent or 757 points to 34,915.

Nifty Erases Entire 2018 Gains As Exit Polls Predict Close Battle For BJP

Hindustan Zinc Struggles Amid Block Deal

  • Hindustan Zinc has 33 lakh shares change hands in a block deal. Stock down 0.8 percent at Rs 270.40.

Buyers and sellers were not immediately known

Source: Bloomberg

ITI, Mangalam Drugs Among Fab our Stocks Of The Day

  • Mangalam Drugs: The Mumbai-based drugmaker rose as much as 17.4 percent to Rs 85 after its unit-1 facility received approval from World Health Organisation.
  • Ashoka Buildcon: The Mumbai-based construction company snapped its three-day losing streak and rose as much as 6.69 percent to Rs 127.55 after it won a railway project from Rail Vikas Nigam Limited.
  • Indian Oil: The state-run oil refiner rose as much as 4.2 percent at Rs 135.15 as its board will consider buyback and dividend on Dec. 13.
  • ITI Ltd: The Bangaluru-based communications equipment maker snapped its five-day losing streak and rose as much as 7 percent to Rs 92.90.

Government Revises Central Pension Scheme

Finance Minister speaks on National Pension Plan, says changes in NPS to benefit employees.

Arun Jaitley says:

  • Government has approved to raise contribution of central government for National Pension Scheme to 14 percent from 10 percent
  • Employees contribution to remain at 10 percent
  • Government has made entire 60 percent of withdrawal by employees during retirement tax free
  • Dates for changes to come into effect will be notified later