Noida, India (PressExposure) May 18, 2009 -- On the penultimate day of the election results, Indian stock market made a spectacular come back to regain the lost ground just on the last day of the trading week.
The Indian benchmark indices put up a phenomenal performance on the last day of what could be easily said a week highlighted by extreme volatility. Indian benchmark indices made a strong impression on the last day of this trading week, ending on a positive note. The Sensex ended the day at 12173, going up by 301 points. On the other hand, the Nifty shut shop at 3672, up by 78 points. Despite the fact that trading volumes were on the lower side, the stocks did an outstanding job to post a surge of more than 20 percent on Friday. What more, Indian stock market showed considerable resilience as against that of its Asian and American peers, which looked nowhere near to it.Â
The market looked in a jiffy after the possibilities of BJP-led alliance coming into power suffered a major jolt at the hands of Exit Polls, which declared otherwise. But having recovered well on the last day of the week and with chances of a third front coming into power virtually nil, has sent down a sigh of relief across the institutions.
With results due in sometime from now, chances of seeing a possible Black Friday are very minimal, chiefly due to the low speculative positions. What would be interesting to see is which of the two alliances comes into power and what effect would it have on the market since, one has already witnessed the market rallying around on the rumour that BJP-led alliance is returning to centre.Â