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Our Bureau

Mumbai, Oct 14 The Sensex and the Nifty shed most of their early gains on Tuesday and closed with a moderate rise of 1.5 and 0.8 per cent

The Sensex opened with a huge positive gap of 450 points on the back of sharp gains in the Asian markets and the overnight US markets. However, after the announcement of elections in five States, the index started to drift to much lower levels.

Elections would mean that the Government cannot announce any schemes that might be considered populist.

One distinct feature of Tuesday’s trading was that FIIs turned net buyers after a long spell of being heavy sellers. They were net buyers of equities worth Rs 898 crore.

Domestic financial institutions were net sellers for Rs 252 crore. Proprietary trade by brokerages also showed net selling in equities for Rs 74 crore, provisional data on the exchange Web sites showed.

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