Markets turn cautious before key state elections

New Delhi, Nov 7 – Vinod Nair, Head of Research at Geojit Financial Services on Tuesday said that the market witnessed some resistance at higher levels as caution prevails due to the start of the key state elections.

He said that it further negative global cues on account of a more than expected fall in Chinese exports, highlighting a continued slowdown in global trade.  

He said that despite the extension of supply cuts by Saudi Arabia and Russia, crude oil prices moderated which is a positive for India in the midst of geopolitical tension.

This, along with the moderation in US bond yields and the positive ongoing earnings season, will support long-term returns, he said.

Aditya Gaggar Director of Progressive Shares said that the range bound session ended at 19,406.70 with a minuscule loss of 5.05 points.

Among the sectors, Pharma was the top performer by ending the day with gains of 1.32 per cent while profit booking pressure dragged the Realty segment lower.

Stock-specific action was witnessed in the IT and Metal space. Mid and Smallcaps extended their journey towards the north and outperformed the Frontline Index.