Sensex, Nifty tread cautiously as Lok Sabha results near
After a stellar rally over the past few weeks, Indian benchmark indices have faced resistance in the past couple of sessions.
On Tuesday, both the Sensex and Nifty traded flat with a downside bias.
The NSE Nifty 50 was down 0.17% at 22,890.6 points, while the S&P BSE Sensex fell 0.18% to 75,258.55 points, as of 12:42 p.m. IST.
According to market experts, any gain in the indices will depend on various macroeconomic data scheduled for later this week, including Q4 India GDP and US inflation data.
On Monday, the benchmark indices ended marginally lower. “The decline could be partly attributable to investors booking profit at higher levels to avoid any potential risks in the market ahead of the Lok Sabha election results,” said Vinod Nair, Head of Research, Geojit Financial Services.
Indian stock indices have continued their rally, reaching fresh lifetime highs, tracking strong global market cues, hopes of Prime Minister Narendra Modi’s return to office, and other strong macroeconomic fundamentals.
In the past two weeks, the Sensex jumped over 3,600 points on a cumulative basis.
Overseas investors have remained net sellers of Indian equities in recent sessions, while domestic institutional investors have been net buyers, largely offsetting the outflows by foreign investors.
Going forward, the market will also closely track exit poll predictions.
