Sensex, Nifty trade higher as countdown to election results begin

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Sensex, Nifty trade higher as countdown to election results begin
Indices
Sensex26,230.66Sensex Quote-329.26 [1.24%]
Nifty8,086.80Nifty Quote-106.10 [1.30%]
Indian benchmark indices opened flat, a day ahead of election results to be declared on May 16.

The Sensex was trading with gains of 83 points, while the Nifty gained 23 points in early trade. Among the notable gainers in trade from the Nifty were Hindalco, Tata Power and HeroMotor Corp.

Tech Mahindra was trading higher after the company reported a 4.3 per cent jump in third quarter revenue.

Tata Steel was yet another stock which reacted to its results. The shares were up 1.4 per cent after the company reported better than expected results.

Finolex Industries on the other hand was trading lower after the company reported results that were not very encouraging.

Nifty stocks that declined in trade today were Bank of Baroda, Power Grid and Coal India.

PSU banking stocks which had rallied substantially on Wednesday after the RBI panel suggested the government should cut stake in these banks were trading with marginal gains.

Private sector banking stocks were having a good day with Kotak Bank, IndusInd Bank and Yes Bank among the winners.

Shares in Bajaj Auto were trading flat ahead of its results to be declared later today. Action also shifted to mid cap space ahead of the election results. Stocks like IDBI bank, Unitech and SAIL were among the winners.

Meanwhile, Asian markets were trading with losses following poor cues from the US. The Japanese Nikkei, the Seoul Composite and the Chinese Shanghai Composite were all trading lower.

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