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Sensex Struggles Ahead Of Gujarat Exit Poll Results

The Nifty volatility index, a barometer of investor fear, hit its highest level since February 1 on Thursday.

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Sensex Struggles Ahead Of Gujarat Exit Poll Results
Shares fell on Thursday, as investors waited for early forecasts on the winner of Gujarat election, with sentiment also muted as inflation ticked higher and industrial output weakened. Bonds and the rupee, however, rose after the U.S. Federal Reserve raised interest rates.  Votes will be counted on December 18 but markets were cautious ahead of exit polls results due later today. At 1:30 pm, the Sensex was up nearly 20 points at 33,071 while Nifty was flat at 10,193.

The broader NSE Nifty was down 0.23 per cent at 10,170.22, while the benchmark BSE Sensex was 0.22 per cent lower at 32,981.10. 

"The markets will react to the Fed hike news, but investors are jittery ahead of the exit polls from Gujarat elections," said Siddhartha Khemka, head of research (retail) at Motilal Oswal Securities.

"With the latest macro-economic data and ahead of the election results, shares will remain volatile."

The Nifty volatility index, a barometer of investor fear, hit its highest level since February 1 on Thursday.

Retail inflation in November breached the Reserve Bank medium-term target of 4 per cent, which could put pressure on it to raise policy rates in 2018, while the country's annual industrial output grew a lower-than-expected 2.2 percent in October. 

The Fed raised interest rates for a third time this year on Wednesday, but left its rate outlook unchanged.
 
© Thomson Reuters 2017


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