Sensex sheds early loss, recovers after opening 850 pts down on Guj poll result

Mumbai: The benchmark BSE Sensex and Nifty which opened in red on Monday, shed off their early loss as poll result in Gujarat goes in BJP's favour.

The early trends showed a tough fight between the BJP and the Congress in Gujarat.

The stocks went into a tailspin right at the start on Monday. The benchmark BSE Sensex opened 867 points lower to breach below the psychological 33,000-mark.

The NSE Nifty plunged 258 points in the opening session within one hour of counting of votes for Gujarat as well as Himachal Pradesh.

The 30-share index crashed by 867.34 points, or 2.59 per cent, to 32,595.63, with all sectoral indices led by realty, IT, tech, power and banking trading in the negative zone with losses of up to 1.74 per cent.

The gauge had rallied 409.93 points in the previous two sessions after exit polls predicted BJP's win in Gujarat and Himachal Pradesh Assembly polls.

Also, the broader NSE Nifty was quoting sharply lower by 258.45 points, or 10,074.80.

The rupee crashed 68 paise to trade at 64.72 against the dollar, which dampened sentiment further.