Benchmark indices on a positive note on Tuesday as vote count for the recently concluded Karnataka elections kicked off, with BJP leading with 115seats, followed by INC (66 Seats) and JD (S) (43 seats). A total of 222 of 222 seats are needed for a majority.
The BSE Sensex which opened on a flat note climbed over 350 points to 35,800 level. The NSE Nifty50 which was testing 10,800 level in the morning trade jumped 51.55 points, or 0.48 per cent to 10,858.15. The 10-year bond-yield rose 6 basis points while the rupee plunged 25 paise to 67.78 against dollar amid the close election contest.
“We sense the volatility to increase on the event day and Nifty50 may witness wild swings on both sides. Traders are advised to avoid taking undue risk and should trade with proper exit setup. Resistance is placed around 10,860, whereas support is placed in 10,740-10,680 range,” Angel Broking said in a note.