After the declaration of the state elections results, the share market was closed 1.1% lower, as Samajwadi Party is going to take oath as the next ruling party in Uttar Pradesh.
Indian National Congress
According to the market analysts, SP and Congress alliance in UP is going to fetch the reform in the centre also. It will give stability to both the parties in the central government. Meanwhile, Congress performed well in Manipur and Uttarkhand in comparison to other states.
When the day started, the markets started to gain the speed, but later on after the afternoon, the market started to loss points. “If UP state government is formed without alliance by SP, the Congress becomes all the more weak in the overall political scenario,” said K Jayraman-Research Associate-Bonanza Portfolio Limited. The Nifty hit a low of 5206.40 today and recovered smartly from there to test a high of 5381, indicating very strong support in the 5200-5230 zones.
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