Markets stage sharp recovery aided by assembly poll outcome

Markets: Markets reversed its initial losses and was trading in green aided by outcome of election results showing.

However investors' sentiments remained subdued duet to news of RBI governor Urjit Patel`s sudden resignation.

The Sensex and Nifty had plunged more than 1 percent in early trade. At 2.00 pm the BSE Sensex jumped 112.44 points or 0.32 percent to 35,072.16 while the NSE Nifty edged higher by 34.25 points or 0.33 percent to 10,522.70.

Meanwhile, the government is likely to make an announcement regarding Urjit Patel's successor as Reserve Bank of India's Governor later in the day, PTI quoting Finance Secretary A N Jha said. Patel's three-year term was to end in September 2019, and he was eligible for a second term like most of his successors, barring a few like his outspoken predecessor Raghuram Rajan.

Yes Bank, Sun Pharma, Asian Paint, Axis Bank, SBIN, Wipro, M&M, Coal India, ITC, Infosys, Tata Motors and TCS were the top gainers in the Sensex pack, rising by upto 6.23 persent. Reversing the trend, L&T, ONGC, Heromoto Corp, Adani Ports, Maruti, Tata Steel, Indus Ind Bank, Bharti Airtel, ICICI Bank , HDFC and HDFC bank fell upto 2.03 percent.