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From its all-time high at 76,010 points recorded earlier this week, the sensex is down by more than 2,100 points.On the NSE, Nifty lost 216 points to close at 22,489. Both indices have now closed lower in the last five sessions as Dalal Street investors are now waiting for the exit poll outcome on Saturday, the last day of the seven-phase election, and the results on Tuesday, market players said.
“Nervousness ahead of the exit poll on June 1 and weak global cues continue to dent sentiments,” said Siddhartha Khemka of Motilal Oswal Financial Services. “Global markets remained under pressure due to rising bond yields and denting hopes of a rate cut. We expect market volatility to heighten as we approach the general election outcome.”
Since the Lok Sabha elections started in mid-April, volatility in the Indian market has spiked. On Wednesday, India VIX, the benchmark for increase in volatility, had spiked at 24.8 – a more-than two-year high. On Thursday, however, it moderated slightly to 24.2, NSE data showed.
In Thursday’s session, foreign funds were major sellers at Rs 3,050 crore net outflow while domestic institutions were net buyers at Rs 3,433 crore, BSE data showed. So far in May, foreign portfolio investors) have net sold domestic stocks worth about Rs 27,500 crore while domestic funds were net buyers at about Rs 53,600 crore, data from CDSL and BSE showed.
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