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BSE Sensex was down by 0.45 per cent or 343 points to 74,149, while the NSE Nifty was at 22,597 down by 0.51 per cent or 115 points.
A total of 3,201 stocks were actively traded, 1,303 advanced, while 1,779 declined and 119 stocks remained unchanged where 61 stocks hit a 52 week high and 34 stocks hit a 52 week low at 10 am on the BSE.
Dr. V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services, said, “A question which most investors/traders are asking now is, what should be the best investment/trading strategy in this volatile time. There is no simple answer to this question. One strategy is to remain calm, watch the event and take a decision after the election outcome. Put options are very expensive now and trying to hedge through put options will have a high price.
There will be heightened volatility on 3rd and 4th June. If the exit polls indicate a clear trend, which is favourable from the market perspective, buying decisions will be easy even after a spike in prices.
A major concern is the spike in US bond yields pushing the 10-year yield above 4.6 per cent. This can trigger continuation of the FII selling which will depress the prices of largecaps further.
The highly valued mid and smallcaps remaining resilient and the fairly valued largecaps turning weak is a short-term aberration. Long-term investors can profit from this temporary aberration.”
Top gainers on the NSE include SBI (1.48%), Axis Bank (1.32%), ICICI Bank(0.97%), Kotak Bank (0.85%), IndusInd (0.60%). Top losers include, Tata Steel (-2.84%), JSW Steel (-1.82%), Power Grid (-1.57%), Nestle India (-1.52%), Titan (-1.33%).
BSE Smallcap was up by 0.39 per cent while BSE Midcap was down by 0.055 per cent.
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