Haryana Election Result 2024: PM Modi-led saffron party, BJP is holding a historic lead in the latest assembly election in the state of Haryana. Despite the coalition saga, as per the latest update of the Election Commission of India, the BJP party recorded a historic 50 seats so far on the October 8 poll counting, well-passed the required criteria of 46 seats, setting the stage for hat-trick win in the state. Amidst these top 10 stocks that are situated in Haryana, have reacted.
Haryana-Based Listed Companies Performance On October 8:
Data from Stock Magnets showed that there are about 100 listed companies based in Haryana listed on BSE and NSE. Among these, 11 are large-caps, 10 mid-caps and 76 small-cap companies. Coming to the large-cap basket, popular stocks like Bharti Airtel, Jindal Steel & Power Limited, and even PSU giant NHPC are included.
Here's how the stock has performed amidst BJP's winning streak:
Bharti Airtel, the telecom behemoth and also India's fourth largest company in terms of market share, surged by nearly a per cent to hit an intraday high of Rs 1679.60 apiece on BSE in the early trade. Currently, the stock is trading flat at Rs 1662.80 apiece, with a market cap of Rs 9,46,657.73 crore.
Meanwhile, Mini-Ratna PSU power giant, NHPC Ltd share price climbed by 1.3% to hit an intraday high of Rs 91.58 apiece. The stock is currently trading at a subdued level of Rs 90.42 apiece. The company has m-cap at Rs 90,847.29 crore.
Furthermore, OP Jindal Group-backed iron and steel companies are also headquartered in Haryana. These are Jindal Stainless and Jindal Steel & Power, however, both stocks have shown mixed reactions. Jindal Stainless surged by 0.8% to hit an intraday high of Rs 765 apiece and continues to trade near the day's high. On the other hand, JSPL stock price witnessed a bearish trend, trading at Rs 985 apiece, down by 1.6% on BSE, while it hit an intraday low of Rs 950 apiece.
So far, Jindal Stainless m-cap is at Rs 62,832.18 crore, and JSPL's valuation is at Rs 1,00,473.58 crore.
Real estate leader, DLF Ltd share price jumped by nearly 2% to hit an intraday high of Rs 838.95 apiece in the early trade. On BSE, currently, the stock is up by 1.2% to trade at Rs 834 apiece, with a market cap of Rs 2,06,441 crore.
Moreover, tractor manufacturer, Escorts Kubota zoomed by 1.6% to touch the day's high of Rs 3910 apiece. It has a market cap of over Rs 42,620 crore.
Airtel's telecom tower subsidiary, Indus Tower is also situated in Haryana, surged by over 2% to trade at Rs 368.70 apiece, with a market cap of Rs 97,269.06 crore,
However, the most gains were witnessed in another real estate company, Anant Raj which skyrocketed by 8.7% on BSE, to touch an intraday high of Rs 720.50 apiece, which is near its 52-week high of Rs 749.05 apiece. The market cap is over Rs 24,300 crore.
On the other hand, Kajaria Ceramics dipped by 1.7% to trade at an intraday low of Rs 1397.45 apiece, with a market cap of Rs 22,256.35 crore. Moreover, auto components maker, Sona BLW Precision Forgings fell marginally to trade at Rs 673.05 apiece, while the stock ranged between Rs 680.00 apiece to Rs 664.05 apiece, with an m-cap over Rs 41,800 crore.
How Elections Affect the Stock Market?
As per the Angel One website, elections are one of the most volatile times for the stock market as they bring a lot of uncertainty with them. Just like economic changes, political changes like elections or policy changes have a huge impact on the stock market. It is generally assumed that if the election outcome is in favor of the existing government, the stock market rises as it indicates political stability and vice versa.
However, there are various other reasons why elections affect the prices in the stock market, it said.
Haryana Election Result 2024:
The latest counting reveals that BJP has bagged 50 seats, becoming the clear winner, while its opposition Congress Party won 35 seats. While IND party won 3 seats, and INLD and BSP 1 each.
In 2024, the Haryana election was held on October 5, for 90 seats of the Haryana Legislative Assembly. The results are out on October 8.
The tenure of the Haryana Legislative Assembly is scheduled to end on November 3, 2024. In the October 2019 election, the BJP party formed a coalition with the Jannayak Janta Party to take the lead in the state, with Manohar Lal Khattar becoming the Chief Minister.
However, a few months before the 2024 election, on March 12, the BJP and JJP partnership met its end, and Manohar Lal Khattar resigned. Following this, Nayab Singh Saini became the CM on the same day.
Notably, in Lok Sabha Election 2024, BJP bagged 5 seats and lost 5 seats to its rival Congress, compared to all 10 seats that they won in 2019.
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