Mumbai, May 14: For the second consecutive day, the benchmark indices closed lower and remained choppy throughout the session ahead of India's biggest event, the election results on Saturday, May 16.
The 30-share BSE Sensex closed 146.74 points or 1.22 pc lower at 11,872.91 and the 50-share NSE Nifty declined 1.15 pc or 41.80 points, to settle at 3,593.45. The broader indices ended marginally higher; the BSE Midcap Index was up 15.48 points, to 3,756.93 and the Smallcap Index rose 23.94 points, to 4,244.15.
The sell-off in shares of oil & gas exploration, technology, capital goods and select financials companies kept the markets under pressure.
Heavy selling pressure pulls Sensex, Nifty down
The Sensex was down 166.11 points or 1.38 pc at 11853.54, and the Nifty was down 49.20 points or 1.35 per cent at 3586.05. Indian indices are trading weak.
Heavy selling pressure is seen in banking, oil & gas, IT capital goods and FMCG stocks. Reliance, Infosys, ICICI Bank, Bharti Airtel and L&T were major draggers to the Sensex. Out of the BSE Sensex 30 stocks, only four stocks were trading lower.
About 1150 shares advanced, 1533 shares declined, and 435 shares were unchanged.
Markets witnessing selling pressure
At 12:15 hours IST, the markets were witnessing selling pressure, despite showing smart recovery from the lows of the day. The Sensex was trading at 11,840, down 179 points and the Nifty was down 44 points, to 3,590, at 12:15 hours IST. The broader indices were quiet in trade.
Markets witnessed High volatility. Shares of oil & gas exploration, technology, select financials and auto along with L&T and Bharti were putting pressure while select pharma, select power, metal and cement stocks were helping the markets.
Markets open red post Exit polls
Taking cues from global markets and post exit polls results, Indian indices open negative on Thursday, May 14. At 9:56 am, the Sensex was trading at 11,750, down 269 points and the Nifty was down 70 points, to 3,564. The CNX Midcap fell 72 points, to 3,973. About 518 shares declined while 55 shares advanced.
Metal, oil & gas exploration, banking, infrastructure, realty, select technology and telecom stocks witnessed selling in large. Though NTPC and Idea gained, Suzlon, Unitech, Tata Motors, Axis Bank, DLF, Tata Steel, ICICI Bank, Hindalco, Sterlite, Reliance Communication, Reliance Capital, L&T, HDFC, Bharti and TCS lost ground.
All exit polls predicted hung parliament with no majority for UPA or NDA. Most exit polls gave a slender lead to UPA over NDA.