The market opened in the red in the last trading session of the week. 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 going to come today. The market is keeping an eye on the 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 trading with gains, while stocks like Tata Motors Commercial Vehicles, Infosys and Tata Steel are declining.
Market sentiment will strengthen with NDA’s victory
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. Due to exit polls, the market has seen a good rise in the last two days. If there is a close contest or there are signs of NDA’s defeat, the stock market may see a sharp fall, Nifty may weaken to 25,700 and then 25,500, while Bank Nifty may face pressure towards 57,650 and 57,150.
weak global market signals
Talking about global markets, profit-booking was recorded in the US market and the 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.