Exit polls outlook and global sell-off makes Sensex, Nifty jittery

Sensex Nifty Recover Most Of Day's Losses

Sensex Nifty Recover Most Of Day's Losses

At 12:06 pm, the S&P BSE Sensex traded at 34,892.43, down 67.29 points or 0.19 per cent and the Nifty50 barometer of the National Stock Exchange (NSE) was at 10,482.35, with a loss of 6.10 points or 0.06 per cent.

The Sensex had rallied 361.12 points, or 1.02%, to close at 35,673.25 on Friday, and the broader Nifty had jumped 92.55 points, or 0.87%, to 10,693.70 in the previous session. The 50-share Nifty, on the other hand, slipped almost 200 points to slip below the 10,500 mark in intra-day deals.

Coal India, Maruti Suzuki, IOC and BPCL were the top gainers, while Kotak Mahindra Bank, Reliance Industries, and Indiabulls Housing lost the most.

At different places across Asia, markets plummeted, as for instance, Hong Kong's Hang Seng was fell 1.41 per cent, Japan's Nikkei dropped 2.18 per cent and Shanghai Composite Index dropped by 0.84 per cent in early trade.

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Exit polls for the recently concluded assembly elections have predicted a tight finish between the ruling BJP and the Congress in Madhya Pradesh and Chhattisgarh and a win for the opposition party in Rajasthan, impacting trading pattern on the domestic bourses in a big way. Rising crude oil prices, exit poll projections could be the possible factor for the slump. "Sentiment will remain cautious until state election results are out (on Tuesday)", he added.

Crude Oil prices shot up globally after members of the OPEC and 10 oil producing countries agreed to bring down their output by 1.2 million barrels to boost selling price.

Besides, a weakening rupee, which hit 71.44 per dollar intra-day, and fresh foreign fund outflows further pulled the key indices.

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