Sensex, Nifty open flat a day before final counting day of Lok Sabha Election 2019
Benchmark equity market indices on Wednesday opened flat a day ahead of the final Lok Sabha election 2019 results tomorrow, 23rd May.
The 30-scrip S&P BSE Sensex and the broader NSE Nifty showed early morning volatility as brokerages cautioned investors to trade cautiously. At around 9:16 am, Sensex was down 14.55 points at 38,955.25 while Nifty was down 23.10 points at 11,686.
However, at 9:30 am, Sensex was trading 114.92 higher at 39,084.72 while Nifty increased by 22.65 points to 11,731.75. Markets have been jumpy since opening as traders wait in anticipation ahead of tomorrow vote counting.
Some of the top gainers on Nifty were Bharat Petroleum, Indian Oil, Bharti Infratel and Britannia while Reliance, ICICI Bank and Infosys contributed the most to advances on Sensex.
On the other hand, stocks such as Tech Mahindra, Yes Bank, Induslnd Bank and Indiabulls Housing Finance and HUL, which were trading with marginally lower.
While energy, infrastructure, and pharma stocks were trading higher in the morning, sectors such as IT, metal and FMCG were marginally down.
Meanwhile, Diwan Housing Finance Limited (DHFL) share price plunged almost 15 per cent after media reports indicated that the company has tightened certain regulations.
Global factors including the ongoing trade tussle between the US and China also contributed to Wednesday’s muted opening, following the global market trend.
Despite a temporary relaxation by the US on curbs against China’s Huawei Technologies, traders remained worried about frictions between the two largest economies in the world.
According to Reuters, MSCI’s broadest index of Asia-Pacific shares outside Japan end 0.15 per cent lower while Australian stocks slipped approximately 0.25 per cent.
Apart from the anxiety over the outcome of the Lok Sabha elections, markets are also expected to remain volatile as many companies are likely to announce quarterly estimates today.