| The market breadth was negative today, with losers outnumbering gainers 911 to 765. The volumes of shares traded was of the order of 12.1 crore shares. |
| However, the imminent entry of Calpers, the largest pension fund in the US, kept the sentiment buoyant. The entry of this retirement fund, which has invested $2 billion in emerging markets, is expected to fuel more investments into Indian equities from overseas investors. |
| Sources said the market is expected to continue to move in a restricted range until there is some clarity on the political situation. |
| The results at the polls would spell out whether the reforms initiated by the government would stay or be implemented at a slower pace. This is also the results season and the market is waiting for the larger corporates to declare their earnings for the last fiscal. |
| There was a rally in media, software, steel and banking stocks. Zee Telefilms went up 5.6 per cent to close at Rs 146.10 on expectations of greater advertising revenues. Scrips of software companies tracked the overnight gains on the Nasdaq. Wipro closed up one per cent at Rs 1607 while Satyam Computer gained 1.4 per cent at Rs 328.65. |
| Steel Authority of India went up 2.6 per cent to close at Rs 37.40. There are expectations of a pick-up in demand for steel. |
| Among banks, ICICI Bank shares went up 2.3 per cent at Rs 306.65 while Corporation Bank closed up 3.64 per cent to close at Rs 345.65. |
| Cement and auto scrips were among the losers due to selling pressure. ACC was down 1 per cent to Rs 267.55. Maruti Udyog was down 2 per cent at Rs 540.55, while Bajaj Auto closed down 1.47 per cent at Rs 91. |
| Among power stocks, Tata Power closed at Rs 400.95, down 1.76 per cent, while Reliance Energy closed at Rs 751.35, down by 1.46 per cent. |
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