Sensex, Nifty end at new closing peaks ahead of poll results

Mumbai: After a day's breather, Indian stock markets continued to rise with both Sensex and Nifty logging fresh closing highs on fag-end buying in an otherwise choppy session ahead of the Lok Sabha poll outcome.

A fall in April wholesale inflation also provided some succor even as cues from Asia and Europe were mixed. The BSE 30-share Sensex resumed almost stable but immediately bounced back to a high of 23,971.78, up almost 157 points on sustained capital inflows and on hopes that new government will prop up growth and quicken economic recovery.

However, participants appeared to turn jittery and Sensex fell to a low of 23,742.75. Some late buying helped Sensex rebound to a new closing peak of 23,905.60, showing a recovery of 90.48 points or 0.38 per cent. On Wednesday, it had declined 56.11 points from its previous closing peak of 23,871.23.

"For second consecutive session, the benchmarks were remained in a narrow range and closed slightly in green...investors opted to remain on sidelines ahead of final results of elections on May 16," said Jayant Manglik, President-retail distribution, Religare Securities Limited. "All eyes are now glued on final election outcome and expecting it to fall in line with exit poll numbers. Any major deviation may attract negativity but so far all indications are in the favor of northward bias to prevail," he added.

Exit polls have projected that BJP will emerge as the single largest party. Smart buying in HDFC Bank, HDFC, ONGC, RIL, ITC, Infosys, HUL, Sun Pharma, Axis Bank, NTPC, M&M and Tata Steel acted as support, while falls in ICICI Bank, L&T, Bajaj Auto, TCS, Tata Motors and Wipro, limited the gains. Similarly, the 50-issue CNX Nifty of the NSE also moved erratically in a range of 7,152.55 and 7,082.55 before recording a new closing high of 7,123.15. It gained 14.40 points or 0.20 per cent today over Wednesday's closing of 7,108.75 when it had ended flat.