Markets Plough Through Election Results, Patel Resignation; Volatility Falls 13%
The markets have taken investors are on a roller coaster ride.
Indian equity benchmarks erased early losses and rose amid a neck-and-neck fight between the ruling BJP and the main opposition party in the key state of Madhya Pradesh.
The S&P BSE Sensex climbed 0.6 percent to 35,178 while the NSE Nifty was down 0.6 percent as well to 10,550 as of 13:10 pm. The index saw an intraday high of 10,532 and a low of 10,461.
The 10-year bond yield was down 2 basis points to 7.57 percent after rising as much as 12 basis points. The rupee also pared decline of as much as 1.6 percent against the dollar.
Volatility — as measured by the India VIX — cooled off sharply after it dropped 12.5 percent to 17.84 from intraday high of 20.44.
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