Key indices extended gains in mid-afternoon trade. At 14:28 IST, the barometer index, the S&P BSE Sensex, was up 164.94 points or 0.42% at 39,134.74. The Nifty 50 index was up 38.50 points or 0.33% at 11,747.60. Auto stocks rose.
Investors are awaiting results of Lok Sabha polls due tomorrow, 23 May 2019. Most exit polls forecast a majority for the ruling BJP-led NDA in Lok Sabha polls. The 2019 polls, held from April 11 to May 19, will decide which party presides over the 17th Lok Sabha. Elections were held for 542 seats. A party or coalition needs 272 seats in parliament to form a government.
Intraday volatility was high. The Sensex was trading above the psychological 39,000 mark after falling below that level in intraday trade. Local stocks drifted higher in early trade on buying demand in index pivotals. Stocks hovered in positive zone in morning trade. A bout of volatility was seen in mid-morning trade after the key indices trimmed gains soon after hitting intraday high. Key indices hovered in a small range in early afternoon trade. Volatility continued in afternoon trade as the key indices regained positive zone soon after sinking in negative zone.
The S&P BSE Mid-Cap index was down 0.3%. The S&P BSE Small-Cap index was up 0.42%.
The market breadth, indicating the overall health of the market, was negative. On the BSE, 1249 shares rose and 1138 shares fell. A total of 162 shares were unchanged.
Yes Bank (down 2.45%), ITC (down 2.36%), Hindustan Unilever (down 1.25%) and TCS (down 0.96%) edged lower from the Sensex pack.
Auto stocks rose. Tata Motors (up 1.36%), Maruti Suzuki India (up 0.52%), Mahindra & Mahindra (M&M) (up 0.23%), Eicher Motors (up 0.97%), Bajaj Auto (up 1.93%) and Hero MotoCorp (up 1.81%) gained. Ashok Leyland (down 0.85%), Escorts (down 0.13%) and TVS Motor Company (down 2.17%) fell.
Overseas, European stocks were trading lower while Asian stocks were trading mixed Wednesday on relief over Washington's temporary relaxation of curbs against China's Huawei Technologies.
In US, shares of technology companies helped lift Wall Street on Tuesday after the United States temporarily eased curbs on China's Huawei Technologies Co, alleviating investor concerns about pressure on future corporate results in the sector.
The Commerce Department said late Monday it would allow Huawei to purchase American-made goods in order to maintain existing networks and provide software updates to existing Huawei handsets until 19 August 2019.
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