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Sensex slips over 350 points as investors trade cautiously before elections outcome


Equity benchmark indices oscillated between gains and losses in morning hours on Tuesday but ended nearly one per cent lower with selling pressure in auto, bank, pharma, energy, infra, metal, energy, and IT stocks.

Traders booked profits after the S & P BSE Sensex touched a record high of 39,572 in early hours of trading. At the closing bell, however, the Sensex was 383 points down at 38,970.

At the National Stock Exchange, the Nifty 50 closed 119 points below at 11,709 with all sectoral indices in the red.

A day earlier, the Sensex had galloped 1,422 points following exit polls forecasting an overwhelming majority for Prime Minister Narendra Modi in the just-concluded general elections.

The euphoria evaporated on Tuesday with investors preferring to await the final outcome of elections due on Thursday.

Among the stocks, Tata Motors plunged over 6.6 per cent following disappointing results a day earlier. Bharat Petroleum Corporation, Indian Oil, Adani Ports, IndusInd Bank, Grasim, Maruti, and Bharti Airtel were all in the negative zone.

However, shares of Jet Airways rallied 14.7 per cent after reports that Hinduja Group is set to bid for the grounded airline later this week. The Hinduja Group has reportedly engaged investment bankers led by SBI Capital Markets for due diligence.

Reliance Industries, Dr Reddy, Britannia, Hindustan Lever and Bajaj Finance showed some gains.

Meanwhile, Asian stocks were mixed as investors pondered over moves by the United States against Huawei Technologies.

Washington has temporarily eased trade restrictions imposed last week on the Chinese tech giant. Still, fears of a further escalation in tensions kept many investors on the edge.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, May 21 2019. 16:35 IST