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    Indian market makes a smart recovery to close higher despite election outcome

    Indian market makes a smart recovery to close higher despite election outcome

    Indian market makes a smart recovery to close higher despite election outcome
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    By Sudarshan Kumar   IST (Updated)

    Indian market on Tuesday stood tall despite the resignation of Reserve Bank of India (RBI) governor Urjit Patel and the outcome of five state elections coming against the ruling party, BJP.
    The BSE major Sensex closed 190 points in the green at 35,150 after making a recovery of 724 points from day’s low. The 50-stock Index of Nifty 50 gained 215 points from lows to end the session 61 points higher at 10,549.
    IT stocks were major contributors to the recovery with TCS being one of the top gainers.
    Top gainers that led the recovery included Yes Bank, Sun Pharma, Asian Paints, SBI, Axis Bank, ITC, M&M, Kotak Bank, Coal India, and ONGC, rising up to 7 percent.
    Meanwhile, top losers were Hero MotoCorp, Bharti Airtel, HDFC Bank, L&T and HUL, falling up to 1.58 percent.
    From broader markets, outperformance seen in midcaps helped market breadth turn in favour of advances with NSE Advance-Decline ratio at 3:1. The Nifty Midcap Index gained 537 points to close with a gain of 278 points to 16,972. The Nifty Bank edged 61 points higher to 26,163 with drag coming in from HDFC Bank being offset by Kotak Mahindra Bank, SBI and Axis Bank.
    In the derivatives space, Nifty 10,400 Put option added nearly 6 lakh shares in the open interest with premium moving 40 percent lower. The Nifty 10,600 Call option added 7.5 lakh shares in the open interest with premium slipping 3 percent. Nifty December Futures closed with a premium of 35 points against a premium of 26 points on Monday.
    Stocks in Asia traded mixed on Tuesday afternoon on the back of a volatile session on Wall Street which saw the Dow recover from a 507-point drop. The mainland Chinese markets saw gains by the end of their trading day.
    South Korea's Kospi fell 0.04 percent, Japan's Nikkei dropped 0.34 percent; while Hong Kong's Hang Seng rose 0.07 percent and Shanghai Composite Index gained 0.37 percent.
    In Europe, Frankfurt's DAX jumped 0.86 percent and Paris' CAC 40 rose 0.84 percent in early deals. London's FTSE too gained 0.37 percent.
    Australia’s ASX 200 gained 0.42 percent to close at 5,575.90, with most sectors seeing gains.
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