Market ends in the green, but caution rules

By: | Published: March 10, 2017 6:16 PM

Exit polls out of the way, the market today decided to buy time and wait for the final judgement tomorrow, with the Sensex staying decidedly cautious by consolidating its gains.

Though there is no clear theme, the findings point to an edge for the BJP in the politically-sensitive Uttar Pradesh. Counting of votes for five states will be taken up tomorrow. (Reuters)

Exit polls out of the way, the market today decided to buy time and wait for the final judgement tomorrow, with the Sensex staying decidedly cautious by consolidating its gains. Though there is no clear theme, the findings point to an edge for the BJP in the politically-sensitive Uttar Pradesh. Counting of votes for five states will be taken up tomorrow.

On the macro front, investors are tracking the index of industrial production (IIP) for January scheduled for today. Chances of higher US borrowing costs kept investors on their toes too.

The 30-share Sensex settled higher by 17.10 points, or 0.06 per cent, at 28,946.23. It had gained 27.19 points in the previous session. The broad-based Nifty ended up 7.55 points, or 0.08 per cent, at 8,934.55.

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In terms of weekly performance, the Sensex advanced 113.78 points, or 0.39 per cent, and the Nifty 37 points, or 0.41 per cent. Exit polls last evening showed the BJP emerging as the single-largest party in Uttar Pradesh and Goa and likely to form government in Uttarakhand, lifting the key indices.

“The market started off with a positive note supported by the exit polls… But during the day, euphoria has gradually settled as the market is patiently waiting for the final judgment tomorrow,” said Vinod Nair, Head of Research, Geojit Financial Services.

Bharti Airtel climbed the maximum, surging 1.22 per cent, followed by Hero MotoCorp 1.16 per cent. Other major gainers were L&T, TCS, ONGC, Infosys and Wipro. Sentiment received a boost after foreign funds purchased shares worth a net Rs 487.61 crore yesterday, as per provisional data.

Japanese shares led the rally in Asia as the dollar surged against the yen ahead of key US jobs data and a Federal Reserve meeting coming up next week, which is widely expected to raise interest rates. European stocks nudged higher in their early trade.

Among the BSE sectoral indices, technology remained in the lead. Capital goods, IT, auto and consumer durables went up while metal, power and oil and gas declined. However, the broader markets showed signs of pressure, with the mid-cap and small-cap indices registering a decline.

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