Sensex steadies after early excitement from exit polls; Shalby down 4%

Sensex steadies after early excitement from exit polls; Shalby down 4%

Key indices Sensex and Nifty started the day on a strong footing after the exit polls predicted a clear win for the BJP in these two states, which lifted investor spirits. The broader NSE Nifty was down 0.23 percent at 10,170.22 as of 0641 GMT, while the benchmark BSE Sensex was 0.22 percent lower at 32,981.10.

The 50-issue NSE Nifty in range-bound movements settled higher by 59.15 points, or 0.58 per cent, at 10,252.10.

Prominent gainers were Dr Reddy's, ONGC, Wipro, Bharti Airtel, Infosys, Heromoto Corp and Lupin, rising up to 0.86 per cent. The Indian rupee reported a fresh 3-month high of 64.12 against dollar in early trade on Friday.

Shares of metal, realty, consumer durables, auto, capital goods and banking hogged limelight on a flurry of buying by investors, said traders.

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"VIX (volatility index) touched the 17 mark for the first time since February, hinting at the indecision ahead of Gujarat election results and the outcome of Parliament's winter session starting tomorrow", said Anand James, Chief Market Strategist, Geojit Financial Services. "GST Council's urgent meeting scheduled on Saturday also keeps market interested, while advance tax numbers could give a leading indication towards corporate performance and growth expectations". Meanwhile, foreign portfolio investors (FPIs) net bought shares worth Rs 232.17 crore yesterday.

Coal India, which advanced 2.55%, was in the lead.

Muted macroeconomic numbers released earlier this week and a sluggish trend in rest of Asia and Europe following a sell-off on Wall Street over worries surrounding U.S. tax cut proposals failed to hold back traders. BSE small-cap and mid-cap indices surged 1.38 per cent and 1 per cent, respectively.

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