Markets swing to poll tune in Gujarat and Himachal Pradesh

Benchmark indices swing sharply, recouping initial losses after BJP wins polls in the two states; focus to shift back to earnings, macros

Indian stock markets gained on Monday after the Narendra Modi-led Bharatiya Janata Party (BJP) won the state elections in Gujarat and Himachal Pradesh. The key benchmark S&P BSE Sensex gained 139 points, or 0.4 per cent to close at 33,601 while the Nifty 50 closed at 10,389, up 55 points or 0.54 per cent.

Sensex had declined as much as 867 points, or 2.6 per cent in the opening hour as some early trends showed Congress in the lead. The index at one point was trading 339 points higher as the BJP started to gain ground. However, the Sensex