Mumbai, India (BBN) - The benchmark BSE Sensex dropped by nearly 170 points as talks of a hung house suddenly gained momentum in the last phase of polling with Prime Minister Narendra Modi himself flagging the possibility of a hung Assembly in the State.
At 11:50am, the 30-share BSE index Sensex was down 168.20 points or 0.58 per cent at 28,831.36 and the 50-share NSE index Nifty was down 50.25 points or 0.56 per cent at 8,896.65, reports The Hindu Business Line.
All BSE sectoral indices were trading in the red.
Among them, metal index fell the most by 2.16 per cent, realty 1.62 per cent, oil & gas 1.39 per cent and infrastructure 1.33 per cent.
Major Sensex losers were Tata Steel (-2.24 per cent), Adani Ports (-2.04 per cent), Axis Bank (-1.79 per cent), ONGC (-1.63 per cent) and Infosys (-1.16 per cent), while the only three gainers were Power Grid (+0.46 per cent), Bharti Airtel (+0.4 per cent) and ITC (+0.09 per cent).
HUNG ASSEMBLY
Even before the election results are declared on March 11, party insiders do not discount chances of a fractured verdict after the seven phases of polling that will come to an end today in the absence of any wave.
Modi said SP and BSP were waiting for such an opportunity for bargaining, prompting Chief Minister Akhilesh Yadav to comment that after dreaming of 300 plus seats, Modi was now talking about a fractured verdict.
The contest is between the BJP, the ruling Samajwadi Party along with partner Congress and Mayawati’s Bahujan Samaj Party, which is looking to script a comeback in the State.
To win 202 or 50 per cent seats this year, a party will need to get 35 per cent of the vote share.
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