As anticipated, the frontline Indian equity benchmarks dived down in early minutes of trade, with the Sensex and the Nifty losing nearly 1% each. However, it has recovered most of its losses and is currently trading in green. The market players await the outcome of the assembly polls in five states, especially Uttar Pradesh. The undertone is cautious as the Congress and allies have done badly in UP and are also seen struggling in other states like Punjab and Goa. In Uttarakhand too, the fight between the BJP and the Congress is seemed to be going in BJP’s favor. Early leads show Mayawati's BSP losing out to Mulayam Singh's SP. The surprise packet in UP so far is the BJP, which is in second position at the moment. The Congress is in the fourth position as of now. The midcap and the small-cap counters are trading positive by nearly half a percentage point each. On the sectoral front, except for Oil&Gas and Metal indices, all the other indices are trading in green. Realty, Bank, Capital Goods and Consumer Durables indices are leading the list of gainers with gains of over one percentage point each. Further, the market breadth is positive as three stocks are seen advancing for every two declines.
(Pic. Source- bseindia.com)
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