Reuters Market Eye - Shares in Jindal Steel and Power (JNSP.NS) slump 6.24 percent after the main opposition BJP party swept three out of four key state elections held since last month, dealers say.
Jindal Steel chairman Naveen Jindal is a member of parliament representing the ruling Congress party.
The election results were seen bolstering the chances of Hindu nationalist Bharatiya Janata Party (BJP) and its prime minister candidate Narendra Modi in general elections due by May next year, and were widely seen as a blow to the ruling Congress Party.
Also Jindal Steel And Power is due to be replaced by Axis Bank (AXBK.NS) in the Sensex starting on December 23.
(Reporting by Abhishek Vishnoi)
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With the Nifty breaching 8,500, sentiments are again bullish. But markets have been in the 8,200-8,600 range for some time and stocks across the board do not give the required confidence except for the liquidity factor. Many frontline stocks are not participating on the upside and the core sector is in a downtrend, writes Ambareesh Baliga. Column