Mumbai: The BSE Sensex seems to be disappointed with the UP Assembly election results and wiped out more than 500 points from day's high just before closing.
The benchmark rallied more than 300 points in first half of trade on hopes that there would be SP-Congress alliance in Uttar Pradesh, which would have been helpful for the Congress to take reforms further.
However, that remained a dream for the Congress as Mulayam Singh of Samajwadi Party is set to become Chief Minister of UP government without taking any help from other party. This was taken negatively by the market in second half of trade.
Shobhana Bhartia, Chairperson of HT Media said the outcome was very disappointing for the Congress. "Performance in state assembly today will not help at centre," she added.
The BSE benchmark fell 189.58 points or 1.09 per cent to close at 17,173.29 led by downtrend in 21 stocks. Meanwhile, the NSE benchmark touched an intraday high of 5,382.05 and low of 5,206.40, before closing down 57.95 points at 5,222.40.
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