Markets finally staged a smart come back ahead of the exit polls. Indices witnessed some relief after two weeks of sharp sell-off.
Market participants seem to have ignored global cues i.e. US-China tariff war and rising crude oil prices. Sentiment got a fillip after index heavyweight like Bajaj Finance, Bajaj Finserv and Dr Reddy’s Labs announced their quarterly earnings which beat market expectations, while IOC and Bajaj Auto results were in-line with estimates. However, Hindalco’s number turned out to be below expectations.
Meanwhile, India’s wholesale inflation eased in the month of April mainly on account of cheaper fuel and manufactured items. The Wholesale Price Index stood at 3.07% in April, down from 3.18% in the previous month and 3.62% in April 2018.
Sector wise, FMCG index rose by 2%, Nifty Bank gained by 1.4%, MNC index gained by 1.3%, Realty index gained by half a percent and Energy index edged higher by 0.3%. On the other hand, Pharma index plunged by 5.5%, Metals index declined by 2.2%, Midcap 100 index fell by 1%, Infrastructure and IT index slipped by 0.6%, Nifty Auto index ended with marginal losses.
Traders and investors are likely to remain on the tenterhooks as the seventh and final phase of polling in the Lok Sabha elections will be held on May 19, i.e. on Sunday coupled with exit poll results of the general election.