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Markets tick higher in cautious trade as Lok Sabha polls begin

Friday, April 12, 2019

Benchmark equity indices ended with marginal gains yesterday, with investors largely remaining on the sidelines as voting began in the first phase of the Lok Sabha polls.

The 30-share BSE Sensex inched up 21.66 points, or 0.06%, to close at 38,607.01. The broader NSE Nifty settled 12.40 points, or 0.11%, higher at 11,596.70.

Traders said market mood was cautious as polling began in 91 constituencies spread across 18 states and two union territories in the first phase of the general elections. 
Participants also awaited key earnings and macro data due Friday, they added.

Vedanta was the top loser in the Sensex pack, dropping 3.72%. Axis Bank, Sun Pharma, Infosys, PowerGrid, ICICI Bank, TCS, HCL Tech, Tata Steel, Kotak Bank, HDFC, IndusInd Bank and Maruti too fell up to 1.46%. On the other hand, Bharti Airtel, Bajaj Finance, Bajaj Auto, Reliance Industries, Tata Motors, SBI, HUL, NTPC, ONGC, ITC and Asian Paints rose up to 2.19%.

"Market was range bound and finally settled with minor gains as investors stayed cautious at the start of the initial phase of polling and remained watchful ahead of the announcement of CPI and IIP data tomorrow.

"Pick up in auto sales aided the sector to gain investors' attention. On the global front, economic growth remains a concern but Fed minutes reiterating the dovish view on rates will provide support to emerging markets like India," said Vinod Nair, Head of Research, Geojit Financial Services.

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