Stock markets reaction to PMs press conference stoic

Written by fe Bureau | Mumbai | Updated: Jan 4 2014, 05:40am hrs
Indian stock marketThe Sensex finally ended the day at 20,851.33, down 37 points (Reuters)
Indian equities appear to have reconciled themselves to the UPA government not moving on reforms and staying populist for the rest of its tenure, reports fe Bureau in Mumbai. Prime Minister Manmohan Singhs press conference on Friday didnt do anything to boost sentiment and the Sensex closed in negative territory. The 30-share Sensex, which was trading at 20,782 at 11 am, registered a slight upswing to touch 20,844 before falling to 20,779.22 as the PM ended his speech. The Sensex finally ended the day at 20,851.33, down 37 points.

Market experts dismissed the presser as a non-event saying the election results would play a more decisive role in determining the direction of the market. Nothing major was announced in the PMs speech and the market is now waiting for the elections, Andrew Holland, CEO, Ambit Investment Advisory, observed. Interestingly, foreign institutional investors turned net sellers for the first time in 11 sessions

with provisional data showing they sold shares worth $3 million.