Nifty holds on to 6,650; banking stocks gain

The BSE Sensex traded flat, while the Nifty held on to the key 6,650 levels amid choppy trade on Thursday. Indian stocks have witnessed low volumes and high volatility over the last 7-8 sessions and today's trade has been no different.

The Nifty has shed over 200 points since April 25, when it hit an all-time high, amid risk aversion ahead of election results on May 16.

"The market is likely to remain nervous till final election results come. Participation would not be heavy. Investors are booking positions and would wait to see election outcome," said Dinesh Thakkar, chairman and managing director of Angel Broking.

Gaurang Shah of Geojit BNP Paribas told NDTV that investors should adopt a cautious approach and increase the cash component in their portfolio.

"Investors should wait till May 13, when there will be more clarity post exit poll results," he added.

Banking stocks outperformed, rising 0.70 per cent. Buying was also seen in consumer durables and select auto stocks. Realty, FMCG and healthcare stocks came under selling pressure.

State-run BHEL was the top Nifty gainer, up 2.7 per cent, followed by Cipla, which advanced 1.7 per cent. Power Grid and ICICI Bank also traded with over 1.5 per cent gains.

State refiner BPCL was the top Nifty loser, down 1.6 per cent. JSPL, Lupin, Bharti Airtel and ITC also traded with over 1 per cent losses.