The broader NSE index was up 0.90 percent at 10,903.70 as of 0536 GMT, while the benchmark BSE index was 1 percent higher at 35,912.95. At 1.30 pm, the BSE Sensex was trading 126.33 points higher at 35,683.04 while the NSE Nifty50 gained 34.25 points to touch 10,840.85. State poll results can be presumed to be harbinger for 2019 elections, which is why the market is rejoicing. Tanveer Ahmed said HD Kumaraswamy has been offered the Chief Minister position by the Congress while the BJP has also reached out to the for a post poll alliance. "Whatsoever be the final outcome, this will give more depth to the market as concern over the performance of BJP in the next general election of 2019 will reduce", Vinod Nair, Head of Research, Geojit Financial Services Ltd, said. "The markets will now be more reactive to the global cues, which are a matter of concern specially the rising crude and dollar".
The Indian rupee too followed the stock market and fell below the 68 mark for the first time since January 2017, closing at 68.07 level.
Earlier in the session, both indexes rose over 1 percent to hit their highest in more than three months. The Shanghai Composite climbed 0.6 percent to 3,192.12.
On the global front, crude oil prices hit new 3-1/2-year high, backed by tight supply and planned United States sanctions against Iran. Behaviour of crude oil prices and currency movement will be closely monitored by the market participants. China is the biggest Asian economy, which is why all Asian markets also suffered from its own downturn.
Other winners were TCS 1.33 per cent, Asian Paints 0.89 per cent, HDFC Bank 0.85 per cent, Kotak Bank 0.77 per cent, HUL 0.73 per cent, ONGC 0.69 per cent, Yes Bank 0.29 per cent, Maruti Suzuki 0.29 per cent, Infosys 0.25 per cent and Adani Port 0.23 per cent, cushioning the overall index fall.
Indian shares ended higher on Monday, boosted by bank stocks such as ICICI Bank, .
The bank had reported a standalone profit of Rs 261.90 crore in the fourth quarter of 2016-17.
Shares of Indian Hume Pipe closed 4 percent lower as Madhya Pradesh government cancelled an order worth Rs 578.5 crore due to discrepancies.
Fortis Healthcare Ltd shares rose as much as 4.2 percent after Manipal Hospital and private equity firm TPG Capital Management sweetened their bid to buy Fortis. It touched a low of 10,781.40.
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