Sensex, Nifty trade cautiously ahead of state assembly poll results; Maruti Suzuki, Indian Bank stocks gain
The BSE Sensex gained 94 points and closed at 39,058 levels while the Nifty-50 index added 15 points and closed at 11,604 levels.
Stock Market News: On the penultimate day of the Maharashtra and Haryana State Assembly Poll results, the Indian indices trade cautiously but ended in the green zone. The BSE Sensex gained 94 points and closed at 39,058 levels while the Nifty-50 index added 15 points and closed at 11,604 levels. The Bank Nifty index too had a tepid trade session as the index added 48 points after closing at 29,459 levels.
Speaking on the Indian stock market and its connection with the Maharashtra and Haryana State Assembly Poll outcome Prakash Pandey, MD & CEO at Plutus Advisors said, "The market is in the range of 11,510 to 11,730 and today's tepid trade can be attributed to the cautious move of the share market investors who are waiting for the state assembly poll results." He said that DIIs are eagerly waiting for the state assembly results and hence we can expect the breakage of either side of the Nifty range depending upon how does the poll outcome comes for the ruling government in both the states.
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Reliance Power share price skyrocketed 19.78 per cent while IRB Infrastructure stock price was the second higher gainer in the intraday trade session. Shares of Indian Bank, Reliance Infrastructure, ICICI Securities, Jubilant Foodworks, Deepak Fertilisers, Reliance Capital, Jubilant Life Science and RITES were among the major gainers while shares of RBL Bank, Vodafone Idea, Sterlite Technologies, Graphite India, Indiabulls Housing Finance and Dewan Housing Corporation Limited or DHFL were among the major losers in the intraday trade after the Closing Bell.
Auto stocks led the bull run in Dalal Street as the BSE IT index soared 1.18 per cent in the intraday trade. IT major Motherson Sumi Systems share price surged 3.96 per cent, shares of Maruti Suzuki India Ltd or MSIL shot up 2.29 per cent, Eicher Motors shares went northward 2.61 per cent, Bharat Forge rose 1.54 per cent while TVS Motor Company went up 2.15 per cent.
Among the major Asian markets, the Japanese Nikkei index shot up 0.34 per cent, South Korean Kospi shed 0.39 per cent, Hang Seng crashed 0.82 per cent while the Shanghai market corrected to the tune of 0.43 per cent.