Indian shares cautiously lower ahead of Gujarat exit poll results

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Mumbai: The markets soared higher on Friday as several exit polls showing clear victory for BJP in the recently concluded assembly election in Gujarat and Himachal Pradesh fired up sentiments on the Dalal Street.

The 30-share BSE Sensex bounced back in the last one hour of the session to hit a high of 33,321.52 before closing up 193.66 points - or 0.59 per cent - at 33,246.70.

A rise in wholesale inflation, which accelerated further to 3.93 per cent in November, injected a sense of caution though.

On the currency front, the Indian rupee strengthened by 30 paise to close at 64.04 against the United States dollar from its previous close at 64.34.

"Metals gained its sheen after the recent correction, while bank nifty and auto outperformed the main index as investors used the advantage of bargaining opportunity", he added.

On two straight days, the Sensex has gained 410 points and the Nifty over 140 points.

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Indian stocks traded cautiously lower on Thursday ahead of exit poll results for Gujarat election.

Banking stocks lived it up in anticipation of a positive outcome over the Insolvency and Bankruptcy Code (IBC), with the start of Parliament's winter session.

All sectoral indices on the NSE were in the green led by Nifty Metal, Realty, Auto, Financial Services, Bank Nifty and PSU Bank index that rose 2-1.6%.

Dr Reddy's was the leader of the Sensex team, with a gain of 2.34 per cent, followed by Cipla.

Provisional data with the exchanges showed that foreign institutional investors sold scrips worth Rs 921.03 crore while domestic institutional investors purchased stocks worth Rs 635.44 crore. BSE small-cap and mid-cap indices surged 1.38 per cent and 1 per cent, respectively.