MUMBAI: Indian markets showed some resilience on Thursday as compared to Asian peers but ended lower after opinion polls suggested a fractured mandate in the parliament.

Markets opened with a gap-down in line with its peers but pared most of the losses as frontline stocks were bought at support levels. However, reports suggesting a hung parliament with no party emerging as a clear winner left the market on crossroads.

“Following the culmination of India’s month-long election process yesterday, exit polls by various media channels have projected a fractured verdict with a close race between the UPA and NDA coalition. While keeping in mind that exit polls had been proved wrong in India’s 2004 elections, the current arithmetic indicates that with neither the UPA or NDA coalition is likely to come close to the 272 seats necessary to form a government, the Third Front could play a crucial role,” said, Rohini Malkani, Economist, Citi India.

Market moved in a narrow range and volumes were also low as most brokerages have advised to take a call only after the election results are out on Saturday.

Bombay Stock Exchange’s Sensex closed at 11872.91, down 146.74 points or 1.22 per cent. The 30-share index touched an intra-day high of 11935.86 and low of 11695.52.

National Stock Exchange’s Nifty closed at 3593.45, down 41.80 points or 1.15 per cent. The index touched an intra-day low of 3537.60 and high of 3631.90.

“There was cautious attempt by the traders to remain in the range before the results are out. There was buying seen in midcap space from FIIs and funds. Select shipping, midcap IT and banking stocks were up. Market may see erratic movement tomorrow but crucial supports levels may note be breached. We see Nifty in the range of 3540 (support) and 3680-3700 (upside),” said Ashish Kukreja, vice president, PCG, Unicon Financial Intermediaries.

BSE Midcap Index was up 0.44 per cent and BSE Smallcap Index gained 0.66 per cent.

Among the sectoral indices, BSE Oil&Gas Index ended 1.54 per cent lower, BSE Capital Goods Index slipped 1.14 per cent and BSE Metal Index declined 0.98 per cent. Bucking the trend, BSE Realty Index closed 2.58 per cent higher.

source: Economictimes

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