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Sensex crashes after BJP's Bihar debacle
By: Tupaki Desk | 9 Nov 2015 7:32 AM GMT
The major political development in the country will certainly have a big impact on Stock Market. A day after BJP suffered a huge defeat taking the battle against JDU-RJD-Cong alliance, BSE Sensex crashed 600 points or sinked 2 percent. This is for the first time since September 30th, Sensex traded below 26,000-mark. Whereas, Nifty stood at 7,800 in the early trade. Even the Indian Rupee fell over 1 percent to 66.50 per Dollar.
Monday's stock market collapse could be seen as an immediate reaction of NDA managing just 58 seats out of 243 seats. Whereas, The Grand Alliance led by Nitish Kumar achieved 178 seats which is more than 50 seats above the magic figure.
Most of the Investors expected NDA to win Bihar elections and even Exit Polls predicted a neck & neck contest. The final results, however, is shocking to say the least for all the Modi supporters and it eventually effected the market in a negative way. Experts suggests any correction at this point is temporary and it gives an opportunity for the investors to buy.
Monday's stock market collapse could be seen as an immediate reaction of NDA managing just 58 seats out of 243 seats. Whereas, The Grand Alliance led by Nitish Kumar achieved 178 seats which is more than 50 seats above the magic figure.
Most of the Investors expected NDA to win Bihar elections and even Exit Polls predicted a neck & neck contest. The final results, however, is shocking to say the least for all the Modi supporters and it eventually effected the market in a negative way. Experts suggests any correction at this point is temporary and it gives an opportunity for the investors to buy.
