Indian market edged up on Thursday to near the record highs hit earlier this week as blue-chips gained on hopes the Bharatiya Janata Party and its allies would win a clear majority when election results are unveiled today.
The benchmark BSE Sensex rose 0.38 percent, or 90.48 points, to end at 23,905.60, not far from the record high of 24,068.94 on Tuesday. The broader Nifty rose 0.2 percent, or 14.40 points, to end at 7,123.15, within touch of a record high of 7,172.35 hit on Tuesday. The Nifty has gained 21.8 percent since Sept. 13 when Modi was named as BJP's prime ministerial candidate, with foreign investors buying 826.80 billion rupees worth of stocks during this period.
US Stocks finished sharply in the red Thursday, with the Dow down triple digits, weighed down by disappointing earnings from a handful of retailers and weak economic reports. Asian equities were mostly lower on Friday following a selloff in global equity markets overnight.
Global cues are subdued today with them SGX Nifty is showing 34 points cut in morning trade indicating that Indian market would open little soft today and Nifty is likely to trade between 7180 and 7040. However any surprise in election result, may take the market sharply up or down today.
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Nifty may trade between 7040-7180: Magnum Equity Broking
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