BSE Sensex opens 600 points down after BJP loses Bihar elections in landslide

Mumbai(PTI): The benchmark BSE Sensex plunged over 600 points, or below 25,000 in early trade on Monday after the BJP lost the Bihar elections in a landslide on Sunday.

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Soon after the open, the 30-share index, 9:33 am was trading down 433.18 points, or 1.65% at 25,832.06.

Also, the NSE Nifty was trading down 141.95 points, or 1.78% at 7,812, in early trade. On the global market side, Asian stocks were mixed, with Japanese and Chinese shares up, while the dollar stood at a 7-month high against peers on Monday after robust US jobs data bolstered expectations of a Federal Reserve interest rate hike in December.

On Sunday, the Mahagathbandhan led by Nitish Kumar’s Janata Dal United (JD-U) and Lalu Prasad’s Rashtriya Janata Dal (RJD) won the Bihar elections winning 178 out of 243 seats. The BJP could manage only 53 seats, and the BJP-led alliance only 58 seats. The stock markets, usually positively attuned to a rise in the fortunes of the BJP, collapsed quickly on Monday morning before recovering slightly.