Sensex, Nifty fall; Midcap outperforms, Parag Milk jumps 13%

Equity benchmarks continued to see selling pressure as assembly elections counting started showing results. BJP is likely to get majority in Assam while Congress is seen losing in all five states.

The 30-share BSE Sensex fell 103.70 points to 25600.91 and the 50-share NSE Nifty declined 31.45 points to 7838.70. The market breadth was marginally positive as about 889 shares advanced against 712 declining shares on Bombay Stock Exchange.

Parag Milk Foods debuted on the bourses at Rs 217.50, up over 1 percent from its issue price of Rs 215 per share. However, the stock quickly climbed within minutes of listing, gaining over 13 percent touching intraday high of Rs 242.70 per share.

ITC, HDFC, HDFC Bank, Asian Paints, Axis Bank, ICICI Bank, SBI and TCS were down 0.3-1.6 percent while Tata Motors, Lupin and Tata Steel gained 1-2 percent.

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Posted in: Indian Market Tips