Mid-Session: Market turns lackluster ahead of Bihar polls verdict Analysis for Nov 06, 2015

Posted By: Religare
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The Indian benchmark indices were trading flat as traders stayed wary awaiting the results of the Bihar state election set to be unveiled on Sunday. The elections are crucial for the NDA government as it seeks control of the Upper House of Parliament to get key legislations passed that remain currently stuck due to political headwinds. The final phase of voting ended in Bihar on Thursday with exit polls being inconclusive.

At 12:20 hours, the BSE SENSEX was trading at 26301.52, down by 2.68 points or by 0.01 per cent, and the NSE Nifty was quoting 6.75 points higher at 7962.2.

During the day"s trade so far, the BSE Sensex touched an intraday high of 26438.86 and intraday low of 26190.18, while the NSE Nifty touched high and low of 8002.65 and 7927.25, respectively.

On the sectoral front, IT and Teck stocks were leading the gain, adding 0.90 per cent and 0.61 per cent, respectively.

Leading the rally on the D-Street were State Bank of India (Rs. 244.10,+4.23%), Infosys Ltd. (Rs. 1139.00,+1.47%), Reliance Industries Ltd. (Rs. 949.00,+1.30%), Bajaj Auto Ltd. (Rs. 2439.45,+1.04%), Larsen & Toubro Ltd. (Rs. 1383.00,+1.00%) among others.

However, some selling were witnessed in blue chip stocks, such as Dr. Reddy's Laboratories Ltd. (Rs. 3670.00,-13.70%), Tata Steel Ltd. (Rs. 219.10,-2.88%), GAIL (India) Ltd. (Rs. 289.50,-1.93%), ICICI Bank Ltd. (Rs. 266.95,-1.18%), Mahindra & Mahindra Ltd. (Rs. 1246.40,-1.09%), among others.

The Market breadth, indicating the overall strength of the market, was weak. On BSE out of total shares traded 2436, shares advanced were 1051 while 1247 shares declined and 138 were unchanged.

Among the global peers, Asian stocks were trading mostly higher as traders awaited the US jobs data set for release later on Friday which will offer cues over the health of labour market in the world"s biggest economy, and perhaps dictate whether the US Federal Reserve will raise interest rates in December. China"s Shanghai Composite advanced on renewed hopes over the world"s second biggest economy after the government this week unveiled a five-year economic plan. Hang Seng fell but Japan"s Nikkei 225 rallied as a weaker yen bolstered the appeal of exporter stocks.

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