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Markets buoyant as BJP crosses 272
Fri, 16 May 01:00 pm

The Indian indices have remained buoyant in the last one hour of trade. It is now clear that the BJP has crossed the halfway mark (of 272 seats) in the Lok Sabha on its own. Along with its allies, the BJP led NDA has well over 300 seats and with it a comfortable majority. This has been the most decisive general election result since 1984 and also the first time that a party other than the Congress has managed to win a majority.

The BSE-Sensex is trading up 684 points and the NSE-Nifty is trading up 216 points. The BSE Mid Cap index is trading up 2.2% while the BSE Small Cap index is trading up 1.4%. The rupee is trading at 58.87 to the US dollar.

Banking stocks continue to lead the gainers. Engineering, metal and energy stocks are also trading strongly. On the flip side, defensive sectors like IT, pharma and FMCG are trading weak.

At this time we would like to re-emphasize that investors should not get carried away by short term market moves and must maintain a diversified portfolio of fundamentally strong stocks for the long term.

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