Markets await exit polls on Thursday

This week is likely to be volatile but a rally is likely soon. FIIs have already turned buyers. FII and DII money flows can trigger a large-cap led rally, says V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

The market construct is turning favourable aided by global and domestic factors. Globally there is tailwind from the US market with S&P 500 up by 8.7 per cent so far this month, which, in turn, is supported by falling US bond yields, he said.

Domestically, macro indicators suggest strong growth momentum in the economy. Record order inflows for capital goods companies and robust credit growth are strong indicators of the growth momentum in the economy.

The only unknown now is the outcome of the state election results. The exit polls on Thursday are likely to give indications of the election outcomes and its impact on the crucial General election in 2024, he said.

BSE Sensex is down 10 points at 65960 points.

Adani Group stocks rallied up to 20 per cent after the Supreme Court on Friday, reserved its order in the Adani-Hindenburg case.

Adani Total Gas is up 19 per cent, Adani Energy is up 17 per cent, Adani Green is up 14 per cent, Adani Power is up 13 per cent, Adani Enterprises is up 10 per cent.