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The stock market stayed cool in response to Modi’s win in Gujarat. The BSE Sensex and the Nifty edged down 0.11 per cent and 0.22 per cent respectively after being range-bound for most of the day.
It was a mixed show by Gujarat-based companies at the bourses. Adani Power, Adani Enterprises, Adani Port and Torrent Power edged down, GHCL, Gujarat Pipavav Port, Gujarat Fluorochemicals closed in the green.
According to analysts, since it was a State election, nothing much can be read from the market perspective. Arun Kejriwal of Kris Securities said: “It’s only liquidity that is matter for the market. All other factors are irrelevant.”
In 2007, the result was announced on Sunday, December 23. The next day the BSE Sensex jumped over 2 per cent. But the ensuing market bull-run was halted in January 2008.
> badrinarayanan.ks@thehindu.co.in
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