Election results impact investor sentiment

Ongoing counting of the assembly elections held in five states have impacted the investor sentiment. The Markets have come off the intra-day high levels of  The Sensex is at 17,450, up 88 points and the Nifty is at 5,310, up 30 points. Earlier in the day, the Sensex touched the high of 17,692

As per the latest trends, in Uttar Pradesh Mulayam Singh Yadav led Samajwadi Party is leading on 193 seats. In Punjab, Shiromani Akalidal and BJP led coallition is likely to form the government again as the alliance is leading on 59 seats. Uttarakhand is witnessing a tough competetion. Manipur is likely to see a congress government while in Goa BJP is leading on 16 seats.

Back to markets, DLF is the top Sensex gainer, up 4.3% to Rs 200. State Bank of India, Infosys, Maruti Suzuki, Larsen & Toubro, BHEL, ITC and Bajaj Auto are also trading higher by 1-3% each.

On the othe hand, Hindalco, Tata Power, Sterlite Industries, Cipla, Bharti Airtel, Tata Steel, Gail India and Reliance Industries are among the losers.

Jaypee Group companies – Jaiprakash Associates and Jaiprakash Power Ventures have slipped more than 4% each, extending their yesterday’s over 5% fall, on reports that the Samajwadi Party (SP) appears all set to emerge as the single largest party in Uttar Pradesh.

Realty, consumer durables and capital goods stocks are witnessing renewed buying interest in trades so far. The BSE Realty index has advanced nearly 3% or 51 points to 1,830 levels. HDIL, Sobha Developers, Oberoi Realty, Phoenix Mills and Unitech are the top gainers from this space.

Consumer Durables index is up 132 points at 6,534 and the Capital Goods index has jumped 1% to 10,142.

PSU, Bankex, FMCG, Healthcare and Power indices are also trading higher by 0.2-0.8% each.

On the other hand, Oil & Gas and Metal indices are in the red.

Among the individual stocks, Persistent Systems has moved higher by 2% at Rs 317 after Anil Ambani led – Reliance Capital Trustee Company has acquired an additional 1.55% stake in the company through open market purchases.

The broader markets are trading on a flat note. The BSE mid-cap index has advanced 45 points to 6,316 and the small-cap index is up 25 points at 6,812 levels.

The overall breadth is positive as 1,420 stocks are advancing while 1,084 are declining.