Sensex recovers early losses as BJP fights back after close contest with Congress in Gujarat

New Delhi: The stock market recovered its early losses as BJP fought back after close contest with Congress in Gujarat and Himachal.

Parring initial losses Sensex gained over 225 points.

The BSE Sensex had crashesd 867.34 points to 32,595.63 while the NSE Nifty slumped 258.45 points to 10,074.80 after results of assembly polls trickle in.

Both Sensex and Nifty made good all their early losses and traded much higher. In fact, the BSE index was up 241 points whereas the Nifty barometer reclaimed the 10,400-mark.

The 30-share BSE Sensex bounced back to 33,703.51, up 240.54 points, or 0.71 percent.

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

The 50-issue NSE Nifty, which had lost over 258 points in the opening trade, was higher by 77.85 points, or 0.75 percent, at 10,411.10 at 1000 hours.

The rupee recovering much of its lost ground against the dollar provided more support.

Major gainers were M&M, Adani Ports, L&T, ICICI Bank, HDFC Bank, SBI and Tata Steel, rising by up to 2.46 percent.

With Agency Inputs