Mkts end strong ahead of election results

The markets closed higher ahead of the election results on Saturday. Good buying interest was seen in banks, capital goods, IT, realty, metal, power, pharma, auto and oil & gas stocks.
The Sensex closed up 300.51 points or 2.53% at 12173.42. It touched an intra day high of 12,219.54 and an intra day low of 11,948.70.
The Nifty ended up 78.20 points or 2.18% at 3671.65. It touched an intra day high of 3686.25 and an intra day low of 3597.85. The market breadth was positive, about 1576 shares advanced, 1170 shares declined, and 374 shares were unchanged.
Top gainers on the Sensex were Ranbaxy Labs at Rs 199.80 up 8.59%, ICICI Bank at Rs 574.45 up 7.03%, Grasim at Rs 1,881.60 up 4.96%, Bharti Airtel at Rs 799.80 up 4.68% and L&T at Rs 988.15 up 4.32%.
However, top losers on the Sensex were ONGC at Rs 812.95 down 2.27%, NTPC at Rs 187.60 down 0.56%, ITC at Rs 186.15 down 0.51%, Hindalco at Rs 70.40 down 0.49% and HUL at Rs 224.30 down 0.09%.
The flows were mixed at FII desk with volumes relatively low in today's trade. Aban offshore was rallying on rumors of institutional buying however delivery volumes were on the lower side. The stock was up more than 20%. Sugar stocks saw some buying interest ahead of election results tomorrow.
Nirmal Jain of India Infoline said the markets can rally if National Democratic Alliance (NDA) comes to power. "However, it will consolidate and trade rangebound if United Progressive Alliance (UPA) comes to power. If that happens, the market is most likely to await budget cues." According to him, institutions are relieved that the chance of Left coming to power has decreased. Speaking on how the markets will trade on Monday post the declaration of election results on Saturday, Jain said, "We are unlikely to see a Black Monday due to reduced speculative positions".