Sensex, Nifty likely to cheer BJP's bull run in BMC elections; energy stocks to hog limelight after auction

In the Mumbai civic polls (BMC elections), the BJP got 81 seats as opposed to 32 in 2012, and was the second-largest party after Shiv Sena.

bmc elections 2017, bmc election results 2017, sensex rally after bjp win, bjp vs shiv sena, devendra fadnavis — Bollywood actress Shilpa Shetty poses outside the Bombay Stock Exchange building, after attending a book launch in Mumbai October 15, 2008 (representational image).Reuters file

Stock markets are closed on Friday on account of Mahashivratri celebrations in India.

Bulls are likely to give thumbs up to the BJP's performance in the recently-declared results to Mumbai's civic body, the Brihanmumbai Municipal Corporation (BMC). The party won 81 seats, up sharply from 32 in the 2012 polls. The BJP closed in on its ally-cum-foe, the Shiv Sena, which ended with 84 seats in the 227-member civic body.

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A bad show by the BJP, as was expected when the trends were coming in early morning, would have dampened sentiments for investors. The Shiv Sena would have arm-twisted the Amit Shah-led BJP, signalling uncertainty at the Centre and in Maharashtra, where the two parties are in alliance.

While there is no threat to the Modi government at the Centre, the survival of Devendra Fadnavis's government in Maharashtra depends on the Shiv Sena, since his party (BJP) has 122 lawmakers in the 288-member Assembly. The Shiv Sena has 63 lawmakers.

At a press conference in Mumbai after the results, Fadnavis said that the BMC verdict was a vote in favour of transparency. "We have done well throughout Maharashtra. We fought this election on the promise of anti-corruption, of which demonetisation is just one part. It's clear the people of the state have accepted our vision."

The BMC is a cash-rich municipal body and had a budget of Rs 37,000 crore for 2016-17.

On Thursday, the BSE Sensex closed 28 points higher at 28,892 while the NSE Nifty ended 13 points up at 8,939. Top Sensex gainers were TCS, Wipro, Infosys and Bharti Airtel.

Tyre stocks gained on fresh buying after rubber prices fell in the international market. Ceat closed 2.29 percent higher at Rs 1,157, MRF ended 3.36 up at Rs 51,427 while Apollo Tyres gained 2.45 percent at Rs 184.

On Thursday, foreign institutional investors (FIIs) were net buyers of Indian equities worth Rs 392 crore while domestic institutional investors (DIIs) were net sellers at Rs 445 crore, according to provisional data released by the National Stock Exchange.

Civic election results:

Mumbai: