Voter turnout numbers affecting sentiments, but Indian markets to soon get an upsurge: Expert

Mumbai (Maharashtra) [India], May 17 (ANI): Indian benchmark indices start Friday's trading session on a muted note influenced by global cues. The Nifty 50 index declined by 29 points to 22,374.20 in the early trade while the BSE Sensex lost 149 points to 73,548 at the time of filing this report.

"Looking at Friday, the global handover is soft while the domestic impulse is bullish. Given then India has underperformed based on domestic issues, the ECI data could lead to a FOMO buying in Indian equities. We remain cautious going into the June 4th Election Results announcement. Voter turnout has no predictive power in indicating election results. However, market sentiments are being impacted by this number, so we can expect some continued upmove" said Ajay Bagga, Banking and Market Expert.

He further added: "The FII selling intensity moderated on Thursday and as and when FIIs come to liquidate their huge short positions in the derivatives markets, Indian markets will get an upsurge."

In the Nifty 50 Index, Mahindra & Mahindra emerged as the top gainer of the day after the share surged more than 6 per cent amid the announcement of financial results by the company. Tata Motors, Grasim, and BPCL also made it into the top gainers list after gaining more than 1 per cent.

The top losers of the day include SBILIFE, Axis Bank, Sun Pharma, AdPorts and IndusInd Bank. In the market statistics, a total of 2166 stocks opened to trade on Friday in NSE. Out of which 1450 trading in advance while 633 in negative and 83 remain unchanged.

The commodity market saw gains, with WTI crude on pace for a third day of increases and gold slightly higher. Bitcoin traded above USD 65,000 after stabilizing from a prior decline.

In the US market on Thursday, the Dow Jones Industrial Average index crossed the 40,000 level for the first time, the expert said that the recent rally in the index is amid the hopes of rate cuts from the Fed in the coming months.

The Dow rose as high as 40,051.05 during the trading session and declined to 39,869.38 by the time of closing.

Earlier in April, the index tried to cross the 40,000 mark as well, but closed near it after a pullback in the market on worries about the high interest rates. The 30000 mark was crossed by Dow Jones in November 2020.