After opening over 2% lower, share indices were off lows as leads showed that the Bharatiya Janata Party was leading in Gujarat.
Both the Nifty 50 and Sensex were over 1% lower each as equity markets had factored a clear victory for the BJP. At 09:28 AM, the BJP was ahead in 87 of the 172 leads in Gujarat.
In Himachal Pradesh, they were ahead in 29 of the 50 leads available.
At 09:29 AM, the Nifty 50 was at 10214.80, down 118.45 points or 1.1% from its previous close. Sensex was at 33097.36, down 365.61 points or 1.1%.
The December futures of the Nifty 50, which had plunged nearly 3% earlier, came sharply off lows after the BJP got a majority in Gujarat assembly.
Anxiety among investors abated as the incumbent BJP regained its lead in Gujarat assembly elections, leading to a drop in India VIX. However, the volatility index that had surged to its 52-week high after vote count trends showed Congress in lead briefly, but gave up gains later.
Shares of Adani group companies came significantly off lows after reports showed that BJP was leading.
Shares of Bharti Airtel fell 4.4% today after the company said that Unique Identification Authority of India has served an interim order to the company and subsidiary Airtel Payments Bank.
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