Sensex skids 383 points to close at 38,970, Nifty also falls by 119 points

After a strong closing in the previous session the benchmark indices opened on positive note on Tuesday but ended 382.87 points at 38,969.80 while Nifty also closed on negative note after dropping 119.15 points at 11,709.10.

Tata Motors was the biggest loser in the Sensex pack, dipping 7.05 per cent, a day after the company posted a 49 per cent decline in March quarter profit. Maruti, IndusInd Bank, M&M, Bharti Airtel, SBI, PowerGrid, Hero MotoCorp, Tata Steel, ICICI Bank, Infosys, Yes Bank and TCS too fell up to 3.25 per cent.

On the other hand, RIL, HUL and Bajaj Finance ended in the green, rising up to 1.08 per cent.

“Market has given a thumbs-up to exit poll numbers. Sentiments have turned around drastically and the benchmark indices can gain 5-8 per cent more from here over the next few weeks if the final election outcome is in line or even better than exit polls,” said Gaurav Dua, Senior VP, Head Strategy and Investments, Sharekhan by BNP Paribas.

On Monday, Benchmark Sensex zoomed over 1,422 points and the NSE Nifty surged 421 points after most exit polls showed that the Narendra Modi-led NDA is returning to power with a thumping majority in the Lok Sabha elections. The 30-share index ended 1,421.90 points, or 3.75 per cent, higher at 39,352.67. During the day, the gauge hit a high of 39,412.56 and a low of 38,570.04.

In a similar movement, the broader NSE Nifty soared 421.10 points, or 3.69 per cent, to 11,828.25. A majority of exit polls Sunday forecast another term for Prime Minister Narendra Modi, with some of them projecting that the BJP-led NDA will get more than 300 seats to comfortably cross the majority mark of 272 in the Lok Sabha.

(With inputs from PTI)