In a session replete with wild swings, the Sensex ended Tuesday’s session 190 points higher even as the Nifty 50 closed above the 10,550-mark closely tracking the state election outcome trends. The Sensex recovered 724 points from the day’s lows to end at 35,150.01, while Nifty 50 ended 60.70 points higher at 10,549.15.
The stock markets recouped sharp early losses by mid-morning Tuesday as election results in three states were not as poor for the ruling party as some expected, but anxiety about the central bank governor’s resignation kept sentiment subdued. Markets initially plunged in reaction to Reserve Bank of India Governor Urjit Patel’s unexpected resignation late on Monday, which shocked many investors. “Patel’s resignation bodes poorly for macroeconomic and financial stability in India,” Fitch Solutions Macro Research, a unit of Fitch Group, said in a note on Tuesday.
The Indian rupee registered a huge loss as it slumped nearly Rs 1.10 paise against the US dollar in the early morning trade today, following the RBI Governor Urjit Patel’s shocking exit on Monday evening.
Asian markets failed to hold gains from Wall Street as both Japanese & South Korean equities were trading near low point of the day. Major US indices ended positive on Monday as Dow Jones staged a smart recovery by erasing a 500-point drop in another whipsawing session on Wall Street. We bring to you live updates.