Stock Market: Indices Ends Week Positive Note, Eyes Exit Polls For Election Clues

The Indian headline indices Sensex and Nifty ended on a positive on Friday, May 31, with investors eagerly awaiting the Lok Sabha Election outcome scheduled for June 4th and the exit polls results that are expected to be released Tomorrow, June 1st, after the seventh and final phase of the ongoing Lok Sabha election 2024.

The stock market indices, after the five consecutive fall, on Friday ended the week in Green with Sensex at 73,961.31, up by 75.71points or 0.10 points. On the other hand, the NSE Nifty closed at 22,530.70, up by 42.05 per cent or 0.19 per cent.

Top 5 Sensex Gainers

Tata Steel was among the top gainers with 1.80 points, followed by Bajaj Finance (1.32 points), HDFC Bank (1.07 points), PowerGrid (0.96 points) and IndusInd Bank (0.92 points).

Top 5 Sensex Losers

Nestle India was among the top laggards with a loss of 2.08 points, TCS (1.77 points), Maruti (1.51 points), Infosys (1.37 points) and Axis Bank (0.82 points).

Rupee

The Indian rupee plummets 18 paise to settle at 83.47 (provisional) against US dollar.

Market reaction

As market ended the week today, investors focus will be shifted to the exit poll results scheduled for release tomorrow, June 1st and the outcome of these exit polls is expected to set the tone for the market's opening on Monday.

The market response on Monday, June 3, will likely reflect the initial reactions to the exit polls, while Tuesday's , June 4th trading session is anticipated to be volatile as the official results are announced.

Global Markets

The Asian markets, Shanghai, Tokyo, Seoul and Hong Kong ended on a mixed note. Meanwhile, the European stock markets were trading lower.

On Thursday, major indices on the Wall Street closed on a lower note.

Oil Price

The global oil benchmark, Brent crude, dropped by 0.40 percent to USD 81.53 per barrel.

FIIs

According to exchange data, Foreign Institutional Investors (FIIs) sold off equities worth Rs 3,050.15 crore on Thursday.