Sensex Opens Higher; Investors Turn Cautious Ahead Of Bihar Election Results

Business

oi-Sunil

By Sunil Fernandes

Published: Friday, November 6, 2015, 9:30 [IST]

Benchmark indices opened the day higher even as sentiments remained cautious ahead of the election results for Bihar.

Exit polls, showed a tight race between the Narendra Modi led NDA and the Grand Alliance left investors overly cautious.

The Bihar election results would remain an important event for the markets. If NDA wins it would help the government to push forth its growth and development agenda.

The Sensex was trading with gains of 112 points, while the Nifty gained 45 points in trade at 7998 points. Shares in Bank of Baroda was the top Nifty loser after its results were awful. The shares tanked 10 per cent after NIMs were lower than expectations and non performing asset quality worsened. However, it later recovered and was trading 5 per cent lower.

Punjab National Bank and State Bank of India were both trading flat ahead of their results to be declared later today.
Stocks that were the top Sensex gainers included the likes of Infosys and NTPC. Shares in Tata Steel dropped sharply after the company reported a disappointing set of numbers.

Midcap stocks also saw some buying interest with Adani, Britannia and Glenmark among the gainers. Meanwhile, markets across Asia were trading mixed with the Japanese Nikkei gaining ground along with the Shanghai Composite, while the Straits Times dropped in trade.

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