Nifty, Sensex edge higher; all eyes on election results [Reuters]
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Source: Reuters
Nifty, Sensex edge higher; all eyes on election results - Reuters 2 Min Read (Reuters) - Indian shares opened higher on Wednesday led by financials, a day ahead of counting of votes in the general election, in which Prime Minister Narendra Modi is expected to retain power. Modi is set for a clear win, according to the exit polls that came out on Sunday after the seven-phase contest ended, but such polls in India have proved misleading before. Markets have been on a bull run with both the NSE Nifty and the BSE Sensex gaining 6% in three sessions to Monday. Profit booking on Tuesday saw the markets close 1% lower. However, analysts predict that the markets will quickly discount the election results. “Going forward in the medium term...we expect the markets to consolidate post the election outcome as focus would shift back to fundamentals and global cues which have been volatile due to re-escalation of U.S.-China trade tensions,” said Jayant Manglik, president - retail distribution at Re
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