The BSE Sensex was trading 508 points, higher at 74,394. The Nifty50 was up 163 points, trading at 22,632 around 9:20 am.
India’s elections, which began on April 19, will conclude on June 1 and votes will be counted on June 4. Investors are awaiting the exit polls, which project results after voting ends.
Also in focus will be India’s fourth-domestic quarter GDP data due later in the day, where the economy is expected to have grown at a slower pace than the previous three months.
From the Sensex pack, M&M, L&T, Bajaj Finserv, Bajaj Finance, Sun Pharma, and IndusInd Bank opened higher, while Maruti Suzuki and Infosys opened with losses.Apollo Hospitals Enterprise shares rose over 3% in early trade after the company reported a 77% growth in its consolidated net profit, reaching Rs 258 crore for the fourth quarter ended March 2024.Sector-wise, Nifty Realty rose 2.4%, led by gains in Phoenix Mills, Lodha, and Prestige. Nifty Bank, Financial, Auto, Metal, Consumer Durables, and Oil & Gas also opened 0.5-1% higher. In the broader market, both Nifty Midcap 100 and Nifty Smallcap 100 rose 0.6%.Experts View
“The market is tantalisingly poised with the possibility of a sharp move based on the exit poll results tomorrow evening. Since the Nifty is down around 600 points from the May high, if the market move is up it can be sharp and swift,” said V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services.
“Data from the US indicate that the economy is slowing down and the labour market is turning a bit weak. This means the Fed may not delay rate cuts much longer. If this happens and the US bond yields start declining that can reverse the FII outflows,” Vijayakumar said.
Deven Mehata, Research Analyst at Choice Broking, said, “Nifty can find support at 22,400 followed by 22,350 and 22,300. On the higher side, 22,550 can be an immediate resistance, followed by 22,600 and 22,650.”
MORE TO COME…
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