Market Back to Pre-Exit Poll Levels

Market Back to Pre-Exit Poll Levels

Moneycontrol

Equity Market

Market closed at 16,489, up 1.5% on Tuesday, recovering to pre-exit poll levels.
Nifty50 gained 1.4% to 16,395.
Sensex regained 990 points, while Nifty50 added 350 points.

Sectoral Performance

Banking: HDFC, ICICI Bank, and Axis Bank gained 2-4%.
Auto: Maruti Suzuki, Eicher Motors, and Bajaj Auto rose 1-3%.
IT: TCS, Infosys, and HCL Tech closed in the green.

Triggers

Exit Poll Results: Exit polls predicted a decisive win for the incumbent government, boosting sentiment among investors.
Global Cues: Positive cues from international markets, including gains in the Dow Jones and FTSE, supported domestic markets.
Corporate Earnings: Strong corporate earnings from companies like Bharti Airtel and Tata Consultancy Services (TCS) lifted sentiment.

Other Highlights

Broad-Based Rally: The rally was broad-based, with 1,863 stocks advancing on BSE and 1,434 on NSE.
High Turnover: Market turnover remained elevated, with over Rs. 11,000 crore worth of shares changing hands on BSE and Rs. 12,000 crore on NSE.
FII Flows: Foreign institutional investors (FIIs) were net buyers to the tune of Rs. 2,370 crore.

Outlook

Analysts expect the market to remain volatile in the near term due to the ongoing election process.
However, a clear mandate with stable policies is likely to support a positive trajectory.
Investors are advised to adopt a cautious approach and focus on quality stocks with strong fundamentals.