Gujarat Election 2017: As BJP gets back in business, Adani Group gains after initial loss

After the initial mayhem at the key indices, Sensex and Nifty recovered after the Bhartiya Janata Party (BJP) crossed halfway mark in Gujarat. As the clear picture started to emerge that the BJP might win both assembly elections - market continued to see short covering after opening losses. All major stocks such as Bharti Airtel, ICICI Bank, Tata Group bounce back too. 

Adani Group after a hit in the morning started trading in green with stocks ganing over a per cent. Maximum gains were amassed by M&M, Adani Ports, Tata Steel, HDFC Bank and Asian Paints.
At 10:20 AM, it was just five stocks that were in negative while the remaining 25 stocks are in green. 

Around 10:45 AM, except the IT stocks, all other major Nifty indices witnessed a rise. Sensex was higher by 219 points while Nifty is higher by 61 points. 

Meanwhile, Prime Minister Narendra Modi reached Parliament and posed with a victory sign expressing his confidence over the BJP win. 

Delhi: Prime Minister Narendra Modi arrives in the Parliament, flashes victory sign. #ElectionResults pic.twitter.com/X508VBydeW

— ANI (@ANI) December 18, 2017

The counting for the two phase Gujarat Assembly elections has begun and the results are expected to come out by afternoon.

Gujarat has 26 parliamentary constituencies and 182 assembly constituencies.

A total of 977 candidates were in the fray in the first phase of elections, out of which 57 were women candidates and over 2.22 crore people took part in the election to decide their fate. While in the second phase, 851 candidates fought, out of which 69 women candidates contested.

Exit polls predicted a win for the BJP in the Gujarat and Himachal Pradesh elections.