Nifty closes below 5400; SBI, SAIL, CIL in Q3 limelight

The Indian market has kept investors and traders guessing on its next move after a stellar rally of 20% in 40 days. For Nifty, today's close was the sixth day of consolidation within the 5300-5400 range. While the rally appears to have lost its steam, it has refused to drift lower. This has baffled the market participants who cannot decide whether to hold long positions or create shorts.

Global cues will continue to make an impact on our market. On the domestic front, impending elections and anticipation of the wining party thereafter will influence market sentiments.

The Sensex shuts shop at 17772.84 up 24.15 points or 0.14% and the Nifty closed at 5390.20 up 8.60 points or 0.16%. About 1509 shares advanced, 1364 shares declined, and 526 shares remain unchanged.

Top gainers on the Nifty: Reliance Infra, Sesa Goa, Kotak Mahindra Bank, Sun Pharma and Hero Motocorp spiked 2-5%.

Top losers on the Nifty: Wipro, SAIL, Tata Power, Cipla and SBI shed 2-3%.

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