Sensex surged over 250 points in early trade, while Nifty rose to 11,670 on Friday as early trends showed BJP leading in both Maharashtra and Haryana. HCL Tech rose 4.5% while L&T gained 1.7%. Both the companies had announced their earnings yesterday. The Assembly elections in the states hold on October 21. HCL Tech and L&T led gains in early trade. Asian shares were mostly higher today.
BJP-Shiv Sena alliance is on course to retain power in Maharashtra. If early trends are any indication, the NCP appears to have done better than the Congress.
This all happened as early trends indicate that the BJP may be on a course of returning to power in the two states. MSCI's broadest index of Asia-Pacific shares outside Japan advanced 0.4% with Japan's Nikkei rising 0.66% to a one-year high. Australian shares climbed 0.5% while South Korea's KOSPI eased 0.1%.
Asian shares pulled ahead on Thursday as corporate earnings and a ceasefire in northern Syria helped prop up sentiment, though the backdrop of trade and Brexit uncertainties was enough to prevent a decisive shift towards riskier assets.