Market closed mixed ahead of Karnataka election results. Exit polls suggested a hung assembly for the key southern state, with majority suggesting BJP becoming the single-largest party and JD(S) as a kingmaker.
The Nifty closed with a gain of 0.1 points at 10,807, while the Sensex advanced 21 points to 35,557.
Midcaps continued to underperform, with the leading Index slipping 232 points to 19,275. Banking-dominated index, Nifty Bank, has been relatively the outperformer. The Index edged up 62 points to 26,475.
Major gainers amongst banks were HDFC Bank, SBI and IndusInd Bank. HDFC twins played the role in keeping the benchmark index, Nifty in the green.
On the earnings front, Majesco failed to ride higher on the back of earnings, as profit is largely higher due to reduction in tax expenses. But, South Indian Bank closed with a gain of over 3%, as bank saw profit surging over 51%. Some small caps that reported earnings were Nile, Rajshree Sugars and Hester Bio.
In the futures market, Put calls continued to see more traction. Nifty 10,700 & 10,800 Puts added 7 lakh and 6 lakh shares each in the open interest. Amongst Call options, 11,100 Call added 3 lakh shares in OI.
Nifty May Futures premium now stands at 11 points against Friday’s level of 13.6. Sun TV, South Indian Bank, Rel Naval and Adani Power were some active stocks in the futures market.
Most of the Asian markets closed higher on Monday, with Malaysian stocks recovering after dropping at the open as markets reopened following the election.
Meanwhile, oil prices were slightly lower, paring more gains after touching multi-year highs last week. In Tokyo, the Nikkei 225 firmed 0.47% to close at 22,866 and the broader Topix edged up by 0.61%. The real estate subindex advanced 3.1%, while mining stocks finished the session lower.Elsewhere, the Kospi erased early gains to close flat at 2,476.11, with heavyweight Samsung Electronics declining 2.34% and weighing on the index. Other technology sector stocks were closed mixed, with LG Display closing flat, while steelmakers mostly advanced. The Hang Seng also moved 419 points higher to 31,541.