Nifty hits 5600 on state polls results; FMCG leads
13 May 2011
The benchmark Nifty has touched the 5600 mark especially after two major assembly elections results, with rising nearly 2% supported by rally in major sectors. Short covering could be another reason that helping the markets.
FMCG was the leading sector, with respective index gaining more than 2.5%. Financial, capital goods, metal, auto and oil & gas sectors too were following the same trend, with respective indices rallied 1-2%.
The 30-share BSE Sensex surged 362 points to 18,698 and the 50-share NSE Nifty jumped 111 points to 5,597. The broader indices went up around 1%.
Mamata Banerjee led Trinamool Congress in West Bengal and Jayalalitha led All Indian Anna Dravida Munnetra Kazhagam (AIADMK) in Tamil Nadu won their Assembly elections by huge margin today. Now Congress President Sonia Gandhi will have to contend with two queens.
Trinamool Congress-Congress alliance was leading the 217 of 294 Assembly constituencies while Left party with just 71 seats.
AIADMK was leading with 197 of 234 constitutencies whereas DMK with just 36 seats. Congress was leading in 82 of the 126 constitutencies in Assam while others with only 32.
