Mumbai,After a day's breather, Indian stock markets today continued to rise with both Sensex and Nifty logging fresh closing highs on fag-end buying in an otherwise choppy session ahead of the Lok Sabha poll outcome.A fall in April wholesale inflation also provided some succor even as cues from Asia and Europe were mixed.
The BSE 30-share Sensex resumed almost stable but immediately bounced back to a high of 23,971.78, up almost 157 points on sustained capital inflows and on hopes that new government will prop up growth and quicken economic recovery.However, participants appeared to turn jittery and Sensex fell to a low of 23,742.75. Some late buying helped Sensex rebound to a new closing peak of 23,905.60, showing a recovery of 90.48 points or 0.38 per cent. Yesterday, it had declined 56.11 points from its previous closing peak of 23,871.23.
"For second consecutive session, the benchmarks were remained in a narrow range and closed slightly in green...investors opted to remain on sidelines ahead of final results of elections on May 16," said Jayant Manglik, President-retail distribution, Religare Securities Limited."All eyes are now glued on final election outcome and expecting it to fall in line with exit poll numbers. Any major deviation may attract negativity but so far all indications are in the favor of northward bias to prevail," he added.
Exit polls have projected that BJP will emerge as the single largest party.Smart
buying in HDFC Bank, HDFC, ONGC, RIL, ITC, Infosys, HUL, Sun Pharma, Axis Bank,
NTPC, M&M and Tata Steel acted as support, while falls in ICICI Bank,
L&T, Bajaj Auto, TCS, Tata Motors and Wipro, limited the gains.Similarly,
the 50-issue CNX Nifty of the NSE also moved erratically in a range of 7,152.55
and 7,082.55 before recording a new closing high of 7,123.15. It gained 14.40
points or 0.20 per cent today over Wednesday's closing of 7,108.75 when it had
ended flat. European
markets were trading mixed as investors weighed the latest round of inflation
data and earning reports. Key indices in France and UK eased by 0.05 per cent
to 0.16 per cent while Germany's DAX was quoting higher by 0.01 per cent.
Meanwhile, major Sensex losers were Dr Reddy's Lab (3.51 per cent), M&M
(2.91 per cent), HDFC (2.01 per cent), HDFC Bank (1.52 per cent), RIL (1.49 per
cent), Bhel (1.05 per cent), L&T (1.04 per cent) and ONGC (0.93 per cent).However,
Tata Steel shot up by 5.91 per cent, followed by Coal India 3.39 per cent,
Bajaj Auto 3.10 per cent, NTPC 2.20 per cent, Sesa Sterlite 2.18 per cent, ITC
1.27 per cent, Cipla 1.13 per cent and Bharti Airtel 1.11 per cent."We
expect indices to extend sideways bias in the next session as well but stock
specific activity would continue to keep the traders on their toes. Considering
the broader trend, any intraday decline can be considered for initiating fresh
longs positions but be watchful on the position sizing," said Jayant
Manglik, President-retail distribution, Religare Securities.Among the S&P
BSE sectoral indices, Oil&Gas declined 0.78 per cent, Capital Goods 0.36
per cent, IT 0.31 per cent and Healthcare 0.30 per cent while Realty rose by
4.32 per cent, Metal 3.22 per cent, Consumer Durables 2.28 per cent and Power
0.83 per cent.Market breadth remained positive as 1,692 stocks finished with
gains, 1,218 stocks ended with losses while 132 ruled steady. The total
turnover dropped to Rs 3,547.55 crore from Rs 4,620.58 crore yesterday.
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