Sensex down 80 pts over polls, oil caution

Mumbai: Investors on Tuesday traded with caution anticipating a further rise in the international oil prices, and conclusion of the third and largest phase of the general elections. Sensex ended 80 points lower after a range-bound movement throughout the day’s trade.

Analysts said investors were cautious ahead of the largest phase of the elections, post which participants will get a better sense as to which party could form the next government.

Besides, experts said that the market has also mostly factored in the rising oil prices and maintaining caution amid the general elections.

The Sensex finished 80.30 points or 0.21 per cent lower at 38,564.88 after trading in a range. Nifty also closed down 18.50 points or 0.16 per cent to 11,575.95.

“Markets traded in a range-bound manner today after witnessing two days’ losses on account of a sharp surge in crude prices. Investors are likely to remain cautious with the crude prices charting uptrends,” said Vinod Nair, Head of Research, Geojit Financial Services.

“Sideways movement is likely to continue during this election period while quarterly results will influence investors to accumulate quality stocks.”

The grounded Jet Airways finished nearly 10 per cent higher. Jet scrips rose as the government authorities assured protecting its aviation slots rights and some high-risk investors took a bet on an early revival, said Deepak Jasani of HDFC Securities.

Besides, Yes Bank fell 2.33 per cent after witnessing a lot of activity post reports that an inspection of its books revealed a large exposure to real estate companies even as one more inspection was underway, he added.

Among the top losers on the Sensex were Maruti Suzuki, Yes Bank, IndusInd Bank, Tata Steel and HeroMoto Corp, declining in 1 to 4 per cent range.

ONGC and Sun Pharma advanced over 3 per cent, and Bajaj Finance, Coal India and Reliance Industries jumped 1 to 2 per cent on the Sensex.

Additionally, Foreign Institutional Investors (FIIs) on Monday bought Rs 73.08 crore worth of stocks, bucking the stronger trend seen over the past two months.