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Mkts end 5-day losing streak on exit poll eve
The pre-election trading strategy has come to an end, and all eyes will be on the release of the exit poll for further action. Regional diversions, marginally low voter turnout and strong resistance at current range are prompting investors to adopt a cautious stance -Vinod Nair, Head of Research, Geojit Financial Services
Stock markets snapped the five-day losing run on Friday with benchmark Sensex closing higher by 75 points on value-buying and investors turning their focus on exit polls to be released after the close of the last phase of elections on June 1 (today). The 30-share BSE Sensex rose by 75.71 points or 0.10 per cent to settle at 73,961.31. During the session, it hit a high of 74,478.89 points and a low of 73,765.15 points. Halting its five-day losing streak, the 50-share NSE Nifty rose by 42.05 or 0.19 per cent to end at 22,530.70.
Nifty and Sensex tanked more than 2 per cent in the five days to Thursday amid high volatility ahead of the results of the Lok Sabha polls. “The pre-election trading strategy has come to an end, and all eyes will be on the release of the exit poll for further action. Regional diversions, marginally low voter turnout and strong resistance at current range are prompting investors to adopt a cautious stance,” Vinod Nair, Head of Research, Geojit Financial Services said.
From the Sensex pack, Tata Steel, Bajaj Finance, HDFC Bank, Power Grid, IndusInd Bank, Larsen & Toubro, ICICI Bank were among the gainers. Nestle India, Tata Consultancy Services, Maruti Suzuki India, Infosys, Axis Bank, Hindustan Unilever were the laggards. The BSE midcap gauge ended flat, while smallcap index gained 0.76 per cent. Among the indices, utilities climbed 2.10 per cent, Realty 2.02 per cent, Power 1.80 per cent, Services 1.60 per cent, metal rose 1.28 per cent, Telecommunication 1.18 per cent.
