Anil Singhvi Explains: NDA win in Bihar assembly polls was expected to spark a rally—So why did markets fall?

Indian equity markets slipped on Friday even as early trends from the Bihar Election 2025 indicated a comfortable lead for the NDA. By 2:00 p.m., the BSE Sensex was down 375.99 points, or 0.45 per cent, at 84,102.68, while the Nifty 50 declined 116.10 points, or 0.45 per cent, to 25,763.05.

Despite expectations of a stronger market reaction to favourable political outcomes, Zee Business Managing Editor Anil Singhvi said a mix of global pressure, foreign fund activity and technical positioning weighed on sentiment.

Global weakness drags sentiment

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Market expert Anil Singhvi said that while the election trends were supportive, weakness in US markets had a spillover effect. “Such results should have ideally pushed markets higher, but global softness is preventing a bigger upmove,” he noted.

Possible FII selling

Anil Singhvi added that foreign institutional investors (FIIs) may have continued selling on Thursday, contributing to intraday pressure. Overseas funds have been cautious in recent sessions amid rising U.S. yields and geopolitical uncertainty.

Weekend effect, light positioning

With the session falling ahead of a weekend, traders showed limited appetite for fresh positions. Anil Singhvi said new long positions are more likely to be built next week, once clarity on global market direction improves.

Profit-booking near key highs

Both Nifty and Bank Nifty are near significant highs, making the market prone to profit-booking. “Nifty at 26,000 and Bank Nifty at life-high levels naturally invite some supply,” Anil Singhvi said.

Key Nifty levels to watch

Analysts highlighted crucial levels for market direction in the near term:

Weakness increases if:

Nifty closes below 25,700

Bank Nifty closes below 57,800

Strength returns if:

Nifty closes above 25,950

Bank Nifty closes above 58,400

Support zones:

Nifty: 25,650–25,775

Bank Nifty: 57,825–58,000

Upper ranges:

Nifty: 25,800–25,875

Bank Nifty: 58,375–58,500