The BJP led alliance appears to be moving towards a thumping victory as it continues to lead on a number of seats even after crossing the half-way mark.
Markets have tempered down from the initial euphoria witnessed at the start of the day. The BSE Sensex is trading up 191 points and the NSE-Nifty is trading up 58 points. The rupee is trading at 59.0 to the US dollar.
Defensive stocks from IT, pharma and FMCG are trading weak. Tata Steel and Wipro are the biggest losers on the bourses today. Stocks from banking and realty that were earlier bearing the brunt of economic slowdown have shot to limelight today with Sesa Sterlite and SBI leading the gainers..
Markets have swung wildly today after the people's mandate of a strong and stable government at the centre was out. However, investors should not be swayed by these short term market gyrations but instead focus on fundamentally strong stocks that will emerge as winners even as the current hype dies down.