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Rahul Gandhi accepts defeat. Markets slide at close.

“I take the responsibility, I led the campaign. It is a good lesson to me” – These were the words of Rahul Gandhi, after the Samajwadi Party swept a major wave in the the UP state elections. He also congratulated the winning contender Akhilesh Yadav, of the Samajwadi Party. Interestingly, Priyanka Vadra, who stood beside him, hugged Rahul, after he delivered these comments on the outcome of the polls.

The SP managed to obtain a near majority of leads with more than 220, in the 403 membered UP assembly. The Mayawati led BSP was pushed to the second position which could just manage to see some leads in 79 constituencies. The Congress led alliance had a dismal show of 36 seats. The BJP however managed to obtain 50 seats.

Results from the other states were also not so encouraging for the UPA led alliance at the centre. The Congress managed to obtain a thumbs up in the Manipur state elections.

Markets witnessed a quick decline in the late trade, as the final results of the election started pouring in. The Nifty managed to close 72 points down, at 5208, down by 1.3%.

Stocks from the metal, real estate and banking spaces were on the decline.
Unitech saw a major cut of 7.7%. Reliance Infra was down by 6%. RCOM was down by 5.7%. Reliance Capital stock was down by 6.5%.

SAIL, from the metal space saw a decline of 4.5%. Tata steel closed 6% lower. Sterlite industries was down by 5.9%. Jindal steel closed with 4.4% cuts. Hindalco was down by 6.3%.

Stocks of Reliance, Suzlon energy, Sun TV and Aban offshore closed with 2% cuts.

Sugar stocks were on major declines. Renuka sugars was down by 7%, while Bajaj Hindustan was down by 10%.



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