Sensex Falls As Investors Turn Focus On Assembly Polls 

Sensex Falls As Investors Turn Focus On Assembly Polls - Sakshi Post

Mumbai: Investors deferred equity purchases on Friday, shrugging off a rebound in the rupee and a decline in global crude oil prices, as they turned their focus on key assembly elections for cues.

As a result, key equity indices ended slightly lower after a lacklustre trade on Friday.

Also weighing on sentiment was the fact that all the Asian markets closed the day with losses, an analyst said.

The Sensex settled 79.13 points lower at 35,158.55. It had opened at 35,258.13 from its previous close of 35,237.68. It touched an intra-day high of 35,287.29 and a low of 35,011.23.

The NSE Nifty closed 15 points lower at 10,582.90.

"Technically, the short-term trend for the Nifty is choppy at the key resistance of 10,600 level. There is a possibility of continuation of this rangebound movement in the early part of next week as well. A slight weakness may also be expected," HDFC Securities' Retail Research Head Deepak Jasani said.

"After this phase of consolidation/minor correction, the Nifty is expected to continue its upside momentum. Immediate supports to be watched are at 10,417-480 levels. On upsides, a breach of 10,616 could result in a move towards 10,710."

Madhya Pradesh, Rajasthan, Chhattisgarh, Telangana, and Mizoram go to assembly polls this month and the next. The BJP rules in Madhya Pradesh, Rajasthan, and Chhattisgarh, and a return to power in these states will bolster Prime Minister Narendra Modi's chances of winning next year's general election.

European indices like FTSE 100, DAX and CAC 40, too, were trading in the red.

The rupee climbed 51 paise to end the day's trade at 72.49 per US dollar, prompting investors to sell export-dependent stocks. The S&P BSE IT fell 1.19 per cent.

Metals, realty and energy counters also came under a heavy selling pressure. However, the financials managed to cling on to their gains.

The benchmark Brent crude slipped below the $70 a barrel mark.

(IANS)

Also Read: Sensex falls over 200 points, Nifty slips below 11,30


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