On Thursday Indian stock markets opened on a cautious note as voting began in 91 constituencies across the country in the first phase of Lok Sabha election. The BSE Sensex was trading 33.29 points or 0.09 per cent higher at 38,618.64. The gauge had ended 353.87 points, or 0.91 per cent, lower to close at 38,585.35 in its previous session.
On Tuesday BSE Sensex fell over 100 points after a five-session winning spree as investors cashed profits in IT, metal, banking, consumer durables, power and auto shares amid sustained foreign fund outflows. Cues from other Asian markets were weak too.
On Thursday the BSE benchmark Sensex rose over 100 points tracking sustained buying by domestic institutional investors and positive global cues. After rising 147 points, the 30-share index was trading 72.16 points, or 0.20 per cent, higher at 36,393.45 in early trade. Similarly, the NSE Nifty rose 24.50 points, or 0.22 per cent, to 10,914.80.
Sensex jumped over 200 points to reclaim the 36,000-mark in opening session on Wednesday, extending its winning run for a fourth session on buying by domestic investors, tracking a firming trend overseas amid optimism ahead of quarterly results of bluechips.
The Indian equity benchmarks opened higher, halting their three-day sell off. The S&P BSE Sensex Index rose as much as 0.58 percent to 35,184 and the NSE Nifty 50 Index rose as much as 0.55 percent to 10,584.95
The Indian markets are not cheap, and it seems certain that growth is going to slow in India, Global Equity Strategist, Christopher Wood told in an interview. He however, said that Indian real estate is the top investment idea for next five years.
Over 150 stocks, including Tata Motors, Dish TV India, Fiem Industries, Motherson Sumi System and PNB Housing Finance, hit 52-week lows on NSE during Wednesday’s session. Finolex Cables, Gujarat Gas, HSIL, Jet Airways (India), Kalpataru Power Transmission, 8K Miles Software Services, Adhunik Metaliks, APL Apollo Tubes, Atlas Cycles (Haryana), Bigbloc Construction, Central Depository Services (India), Capital Trust and Kothari Products also featured among stocks that hit 52-week lows on National Stock Exchange.