Market slips 300 points post rural focused manifesto
The benchmark index BSE Sensex slid more than 300 points and was near its day's low in the post-lunch session on Monday. The dip can be attributed to the agriculture and rural-focused BJP election manifesto.
The highlights of BJP's manifesto were:
National Security:
Tough stand against terrorism
Strengthening of the army, armed forces equipment, police force
Implementation of National Register of Citizens (NRC) in other states as well-known
Scraping of Article 370 in J&K
Agriculture:
Other:
Ram temple soon after voted to power
Pucca houses for all by 2022
Rs. 100 lakh crore investment in infrastructure sector by 2024
On Monday, the BSE Sensex opened at 38,993.60 and scaled a high 39,041.25 in early trade, but slipped as the ruling and the much-anticipated winner of 2019 general election Bharati Janata Party (BJP) released its poll promise document. The index hit an intraday low of 38,529.96 during the afternoon session. At 14:49 hours, the BSE Sensex was at 38,579.06, down by 283.17 points or 0.73 per cent, while Nifty was at 11,566.00, down by 99.95 or 0.86 per cent.
Among the top gainers on the index were ONGC, Infy, TCS, M&M, NTPC and Hindustan Lever. While on the losers were Asian Paint, Tata Motors, Yes Bank, Reliance, Bajaj Finance and Vedanta.
Among the index movers and shakers were index heavyweight Reliance contributing 258.01 points to the downfall, followed by SBI, ITC, Axis Bank, Asian Paint and Yes Bank contributing nearly 200 points each. The stocks lending support to the index were Infy, TCS, ONGC and M&M.