A morning walk down Dalal Street | Volatile swings could continue ahead of election polls & outcome

Bulls failed to keep the momentum going as bulls pushed the index lower in the last 30 minutes of the trade on Thursday. The S&P BSE Sensex failed to close to hold above 39,000 while the Nifty50 closed above key support of 11700.

Broad market indices like the BSE Midcap and Smallcap indices lost more, thereby underperforming the Sensex, and Nifty. The market breadth was negative on the BSE as well as NSE. 

Market ended on a negative note after a volatile session as mixed bag of quarter earnings and tepid auto sales dented investor’s sentiment, experts said.

The consolidation was broad based as manufacturing activity eased in April due to general election. The Nikkei India Manufacturing Purchasing Managers' Index, declined to 51.8 in April from 52.6 in March but remained above the reading of 50 that separates expansion from contraction.