Markets recovered after suffering heavy losses in early trade as early trends showed Congress making gains over the ruling Bharatiya Janata Party in the crucial state of Gujarat in the recently-concluded Assembly elections in the state. Both Sensex and the Nifty slipped in morning trade by 740 and 208 points respectively.
Recovery was seen as trends consolidated and projected the BJP to retain power in Gujarat while dethroning the Congress in Himachal Pradesh. At 02:20 pm, Sensex was trading at 33,686.66 points, up 223 points or 0.67 per cent.
The Nifty was trading at 10,413, an increase of 79.75 points or 0.77% from its previous day's closing.
Markets opened the week on a negative note as early trends showed Congress and BJP neck and neck in Gujarat as well as Himachal Pradesh.
The 30-share BSE Sensex was down 740.11 points or 2.21 percent at 32,722.86 and the 50-share NSE Nifty fell 208.80 points or 2.02 percent to 10,124.50.
The wider 50-scrip Nifty of the National Stock Exchange (NSE) was also trading 217.30 points or 2.10 per cent lower at 10,115.95 points.
The Sensex of the BSE, which opened at 33,364.52 points, was trading at 32,901.55 points (at 9.15 a.m.), lower 561.42 points or 1.68 per cent from the previous day's close at 33,462.97 points.
The Sensex touched a high of 33,364.52 points and a low of 32,901.55 points in the trade so far.
As per available trends, Congress is seen making major gains in Gujarat and also breathing down the BJP’s neck in Himachal Pradesh.
The verdict is all set to go down the wire.