The Hindu Business Line : Poll-eve nerves pull Sensex down 61 points

Brokers said select market players were selling in frontline stocks in order to avoid uncertainty in the first phase of elections. Brokers said some of the opinion polls by various media houses have indicated not so favourable position for NDA and this pulled down the stock prices in today's trading.

The BSE's benchmark index Sensex opened firm in the morning and at one point during the day it was 34 points higher. However, selling pressure ahead of the elections pulled down Sensex. At close Sensex ended with a loss of 61.09 points (1.04 per cent) to end at 5,800.64. On NSE, S&P CNX Nifty Index shed 24.05 points (1.29 per cent) to end at 1,844.05, off its day's high of 1,876.20.

Dealers said there was selling in some of the bank stocks such as Bank of Baroda and Oriental Bank of Commerce as the holding of FIIs in these stocks have touched the maximum permissible limit. FIIs interested in buying more shares of these banks have to seek RBI permission.

Brokers said after the rise in stock prices over the last three-four weeks market is likely to move in a narrow range till the elections are over. "There is bit of uncertainty on the outcome of election. Until the results of the elections are clear, the market may remain sluggish or flat," said a dealer with a domestic broking firm.

In today's trading there was also selling in several mid-cap and small-cap stocks, that have seen rise over the last couple of weeks.

More Stories on : Politics | Stock Markets

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page

Stories in this Section
A close call likely in Andhra Pradesh

Soon, BPO companies may proclaim: Proud to be Indian

Govt suspends airline licence of Agni Aviation

Indian CEOs thinking global, says study

Poll-eve nerves pull Sensex down 61 points

Dabhol lenders to discuss debt options for revival

Trained truck drivers in shortage