MARKET COMMENT Jayant Manglik, President, Religare Broking With BJP losing power in key states and uncertainty hovering around post the RBI governor’s resignation, we prefer to remain cautious on the Indian equities in the near term despite a smart rebound in today’s session. The domestic macro data like IIP, CPI & WPI, crude oil price & currency movement and global developments, especially on the US-China trade front will be closely monitored by the market participants. Investors’ focus should remain on fundamentally sound companies with strong growth prospects, while traders should avoid risky leveraged positions
The S&P BSE Sensex ended at 35,150, up 190 points or 0.5 per cent, while the broader Nifty50 index settled at 10,549, up 61 points or 0.6 per cent. During the day, the S&P BSE index had fallen as much as 533 points to hit an intra-day low of 34,426 level, while the Nifty 50 index had slipped 155 points to 10,334.
The broader market indices overperformed their benchmark peers, with the S&P BSE MidCap index rising 1.5 per cent to end the day at 14,669, while the S&P BSE SmallCap index rose 1.5 per cent at 14,059.
Election experts consider it fallacious to extrapolate the Assembly poll results to predict the outcome of the Lok Sabha elections, but the verdict in the five states is likely to be interpreted as a barometer of the public mood for 2019. The results could also determine the political discourse, both of the government and Opposition, for the next few months as the winter session of Parliament begins on Tuesday, experts say. GET ALL THE LIVE UPDATES HERE