- Indian stock market benchmarks, the Sensex and the Nifty 50, ended flat on Wednesday, May 8, reflecting cautious market sentiment ahead of the Lok Sabha election outcome on June 4.
- Gains in shares of select heavyweights such as Reliance Industries, Larsen & Toubro and Tata Motors were offset by losses in shares of HDFC Bank, ICICI Bank and Infosys.
- Experts suggest foreign portfolio investors (FPIs) are selling Indian equities ahead of the election outcome, a trend seen in the past, too.
Indian stock market reflects cautious sentiment ahead of Lok Sabha election outcome, with gains in select heavyweight shares offset by losses in others.
Market Performance Overview
The Sensex closed at 73,466.39, down 45 points, or 0.06 per cent, while the Nifty 50 settled flat at 22,302.50. Shares of Reliance Industries, Larsen and Toubro, Tata Motors, SBI, and NTPC were the main contributors supporting the Sensex index. In contrast, shares of HDFC Bank, ICICI Bank, Infosys, Hindustan Unilever, and Asian Paints were the top drags on the index.
Mid and Smallcap Segments
Despite the volatility in equity benchmarks, mid and smallcap segments saw decent buying. BSE Midcap and Smallcap indices ended 0.78 per cent and 0.50 per cent higher, respectively. ABB India, Bharat Forge, Escorts, Godrej Consumer Products, Hindustan Zinc, Marico, Siemens and United Spirits were among the 150-odd stocks that hit their fresh 52-week highs in intraday trade on BSE.
Top Nifty 50 Gainers and Losers
Shares of BPCL (up 2.78 per cent), Hero MotoCorp (up 2.49 per cent) and Tata Motors (up 2.48 per cent) closed as the top gainers in the Nifty 50 index. On the other hand, shares of Dr. Reddy’s Laboratories (down 3.27 per cent), Asian Paints (down 2.21 per cent) and Grasim Industries (down 2.07 per cent) closed as the top losers in the Nifty index.
Conclusion
Overall, the Indian stock market reflected a cautious sentiment ahead of the Lok Sabha election outcome. Despite this, there were gains in select heavyweight shares and decent buying in mid and smallcap segments. However, losses in shares of HDFC Bank, ICICI Bank and Infosys offset these gains. The market’s performance in the coming days will likely be influenced by the election outcome and investor sentiment.
