Stock market index Sensex ends 5-day slide with gains of 75 points, attributed to buying at lower prices.

Friday marked a positive turn for the stock markets in Mumbai as the benchmark BSE Sensex closed higher by 75 points. This break in the five-day losing streak was driven by value-buying in banking and oil shares, which had recently suffered losses. The 30-share BSE Sensex ended the session at 73,961.31, rising by 0.10 per cent or 75.71 points. Throughout the day, it reached a high of 74,478.89 points and a low of 73,765.15 points.

Similarly, the 50-share NSE Nifty also saw an increase of 42.05 points or 0.19 per cent, closing at 22,530.70. This was a much-needed rebound for both indices, as they had faced a decline of over 2 per cent in the five days leading up to Thursday. The volatility caused by the Lok Sabha poll results had taken a toll on the market.

Vinod Nair, Head of Research at Geojit Financial Services, shared his insights on the current situation, stating that the pre-election trading strategy has now come to an end. He also mentioned that all eyes are now on the release of the exit poll, which will guide further action in the market. Investors are approaching the current situation with caution, considering regional diversions, low voter turnout, and strong resistance at the current range.

Looking at the individual stocks in the Sensex pack, it was clear that Tata Steel, Bajaj Finance, HDFC Bank, Power Grid, IndusInd Bank, Larsen & Toubro, and ICICI Bank were among the gainers. However, Nestle India, Tata Consultancy Services, Maruti Suzuki India, Infosys, Axis Bank, and Hindustan Unilever did not fare as well and ended up being the laggards.

In the Asian markets, Shanghai, Tokyo, Seoul, and Hong Kong had mixed results, with some markets being closed for the day. European stock markets also saw a decline, while Wall Street ended lower on Thursday. The global oil benchmark, Brent crude, experienced a decrease of 0.40 per cent, settling at $81.53 a barrel.

According to exchange data, Foreign Institutional Investors offloaded equities worth Rs 3,050.15 crore on Thursday. This adds to the uncertainty and volatility in the market, as investors continue to closely monitor the situation and make strategic decisions.

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