Assembly election results: BSE Sensex closes 190 points up at 35,150; Nifty50 surges 61 points at 10,549

Benchmark indices BSE Sensex and NSE’s Nifty 50 recovered their losses to settle over 0.5 per cent higher on Tuesday as the results of assembly elections in five states are more or less close to exit poll numbers. The S&P BSE Sensex closed at 35,150, up 190 points or 0.5 per cent, while broader Nifty50 index settled at 10,549, up 61 points or 0.6 per cent. 

Earlier in the day, the S&P BSE index had fallen as much as 533 points to hit an intra-day low of 34,426, while the Nifty 50 had slipped 155 points to 10,334. 

Investor were cautious as trends of assembly poll results showed BJP losing power in Rajasthan and Chhattisgarh, while having a close finish in Madhya Pradesh. The benchmark equity indices opened with heavy losses as investors were on edge ahead of the final assembly election results from five states, amid plummeting rupee after RBI Governor Urjit Patel's unexpected resignation.

The Sensex, which opened over 500 points lower, was trading 517.97 points, or 1.48 per cent, down at 34,441.75. The NSE Nifty also dropped below 10,400 mark, slumping 144.05 points, or 1.37 per cent, to 10,344.40. 

Monday’s shock resignation of RBI governor Urjit Patel, following a prolonged stand-off between the RBI and the government, also added to the uncertainty. The centre has been seeking to reduce curbs on lending, and gain access to RBI reserves.