After rallying for three consecutive trading sessions to new highs every day, the Indian equity market saw some cooling on Wednesday as indices ended on a flat note. Traders and investors preferred to stay on the sidelines ahead of the final verdict on the national elections scheduled to be announced on 16 May, 2014.
Markets rallied sharply in the past three days in anticipation that the Bharatiya Janata Party (BJP) and its allies would comfortably win with a majority in the national elections.Shares of public sector undertakings (PSU) banks were in demand after a committee appointed by the Reserve Bank of India made some radical suggestions regarding the government’s control over nationalised banks.
In today’s trade, the realty index was the star performer, the index surged by 4.3% followed by BSE metals index up 3.2% and BSE consumer durables index up 2.2%.The mid-cap and the small-cap index also were in the limelight, in-fact, they outperformed the benchmark indices. Both the index gained by 1.1% and 1.2% respectively.
However, on the other side, the BSE oil & gas index decline by 0.8%, BSE IT index was down by 0.3% and BSE Healthcare index declined marginally by 0.3%.Finally, BSE Sensex closed at 23,815 down 56 points, while NSE Nifty closed unchanged at 7,108.75.Dr Reddy’s, M&M, HDFC, RIL, HDFC Bank, ONGC, BHEL, L&T, HCL Tech, Wipro and Axis Bank were among the losers in Nifty.
Bank of Baroda, Jindal Steel, Tata Steel, DLF, NMDC, PNB, Coal India, Bajaj Auto, Asian Paints and NTPC were among gainers in Nifty.The advance-decline ratio was marginally in favour of the bulls. On the BSE, 1693 stocks advanced against 1217 declining stocks, while 132 remained unchanged.
The INDIA VIX was up 1.1% at 32.42. It hit a day’s high of 32.99 and low of 28.61.