This week was quite strong for the markets. It witnessed a rise for the fifth consecutive trading session. After all, on Friday Nifty closed 31 points higher at 25,910 and Sensex closed 84 points higher at 84,562. On weekly basis, Nifty registered a gain of 418 points. On Thursday, Nifty also crossed the 26,000 mark intraday. Of the top 30 Sensex stocks, 10 closed in the red and 20 in the green. Tata Motors Commercial Vehicles, Eternal, Axis Bank and Bharat Electronics were the top gainers, rising up to 3.35%. Infosys, Tata Steel and Tata Motors Passenger Vehicles were the biggest losers, falling up to -2.35%. The biggest decline was seen in Auto index, IT and Metal index today. Growth was seen in pharma and PSU banks.
How was the market opening this morning?
The market opened in the red in the last trading session of the week. Today Nifty opened 112 points lower at 25,767, while Sensex closed 418 points lower at 84,060. The bullish trend in the market was continuing for the last four sessions. In early trade, Nifty slipped below 25,800 with a fall of more than 100 points. The results of Bihar assembly elections are also to come today. The market is eyeing today’s results. If the results do not match the exit polls, the market may see a huge fall. As a result, heavy fluctuations are expected throughout the day.
At 9:30 am, the Sensex has fallen by more than 250 points. At present, out of the top 30 stocks of the index, 11 are trading in the green, while 19 are trading in the red. Eternal, Bharat Electronics, Axis Bank and Asian Paints are in bullish trend, while stocks like Tata Motors Commercial Vehicles, Infosys and Tata Steel are declining.
NDA’s victory will strengthen market sentiment
Market guru Anil Singhvi said the NDA is expected to get an absolute majority, but if the seats remain limited to 140-150, the market reaction could be neutral to slightly positive. After the exit poll results, there has been a significant rise in the market in the last two days. If there is a close contest or there are signs of NDA’s defeat, then the stock market may see a huge fall, Nifty may come to the level of 25,700 and then 25,500, while Bank Nifty may remain under pressure at the level of 57,650 and 57,150.
weak global market signals
Talking about global markets, profit booking was recorded in the American market and Dow Jones Industrial Average closed with a fall of almost 800 points. Talking about foreign investors’ activities, FIIs sold ₹383 crore in the cash market yesterday. Meanwhile, there was a net buying of ₹993 crore in cash, shares and index futures combined for the second consecutive day. Domestic funds i.e. DIIs made huge purchases of Rs 3092 crore for the 54th consecutive day.