Sensex, Nifty 50 rise after 5-day slump; all eyes on exit poll results

Stock market today: Indian stock market benchmarks—the Sensex and the Nifty 50—ended with mild gains on Friday, May 31, snapping the losing streak of the last five consecutive sessions. All eyes are now on the last phase of the General Election 2024 on Saturday, June 1, followed by the exit poll results. 

The counting of votes will commence on June 4 and the results could be announced later that day. 

While most experts believe the BJP-led NDA will be re-elected for the next five years, there is no consensus on the number of seats the NDA may win this time.

The domestic stock market has been under pressure lately owing to nervousness related to the Lok Sabha election 2024.

Strong capital outflows by foreign institutional investors (FIIs), mixed global cues, dwindling hopes of rate cuts, and concerns over geopolitical tensions have all been weighing on market sentiment lately.

The domestic market witnessed some buying interest on Friday as the benchmarks and the second-rung mid and smallcap indices ended in the green.

On Friday, Sensex settled 76 points, or 0.10 per cent, higher at 73,961.31, with 15 stocks up. The Nifty 50 closed 42 points, or 0.19 per cent, up at 22,530.70 with 26 stocks in the green.

(More to come)

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Published: 31 May 2024, 03:34 PM IST

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