These stocks resist market bloodbath to rally up to 4% amid election outcome jitters
stocks including Hindustan Unilever (HUL), Dabur, DMart, Marico resisted the negative sentiments.
Early trends suggested that NDA is in pole position to form the government for the third consecutive term but unlikely to gain a brute majority of over 400 seats. This led to benchmark indices Sensex and Nifty losing over 7% in what is the biggest intraday fall in over 2 years.
While HUL was the top gainer in the Nifty pack with over 4% jump, Dabur and Dmart were up over 1%. In the overall market, around 3465 stocks are trading with cuts. Around 82 stocks are locked in the upper circuit limit, while 855 names are locked in lower circuit.
Some others which are seeing a rally despite the market freefall include Data Infrastructure, Ashiana Ispat, Sanwaria Consumer, Titaanium Ten Enterprises, Icon Engineers, Soni Medicare and others.
Overall, if the NDA falls below the 300-mark, analysts expect the market to be in for more correction. Most exit polls had predicted anywhere between 350-400 seats for the Modi-led coalition.
«Following the exit poll results, the market had factored in around 350 seats for NDA and now if it falls below 300 then it would be a big disappointment for bulls,» said Kranthi Bathini of WealthMills Securities.
Following the shrink, the market capitalisation of all listed companies on BSE fell over Rs 45 lakh crore to Rs 380.35 lakh crore.
From the Sensex pack, Reliance Industries, HDFC Bank, and ICICI Bank alone contributed to a 2,000-point decline in the index, while L&T, SBI, Axis Bank, NTPC,
