Indian Equities Trade Marginally Higher
Indian markets drifted lower in the afternoon session. The markets opened positive on Tuesday with support from energy and FMCG stocks. The market breadth was positive in the afternoon with 1250 advances and nearly 1200 declines.
BSE Sensex was up by just 50 points at 2.30 pm and NSE Nifty was in the green at 6706. Among major gainers in today's trade were ITC, Reliance, ONGC, Tata Steel and ICICI Bank. Among losers were Tata Power, Power Grid, Ambuja Cements and Hindalco.
The economic environment in India has improved slightly compared to last year. Recent surveys have also witnessed optimism among business leaders. However, the real situation will be clear after the election results are announced on May 16.
Business community is expecting BJP to come to power. However, if the BJP led NDA fails to get the required seats, the alliance would need support from other political parties. Market experts would prefer a stable government at the centre. Indian Markets are range-bound and waiting for the election results.