Sensex down 248 pts; Nifty at 7,955 ahead of Bihar exit polls

The domestic markets ended fairly lower in trade on Thursday as caution prevailed ahead of the outcome of Bihar election results, scheduled to be released on November 08. Exit polls are due later in the day.

The S&P BSE Sensex settled the day 248.72 points lower at 26,304.20, while broader CNX Nifty ended at 7,955.45, down 84.75 points after breaching its crucial psychological level of 7,950 in the late trade.

Market breadth turned fairly negative with 23 of the 30 Sensex stocks ending the day in red.

Sun Pharma, Vedanta and Tata Steel were the worst performers on both the benchmark indices.

"While Bihar polls will not impact national politics ... they will influence the market's perception of reforms," analysts at Bank of America Merrill Lynch wrote in a research report.

Investors also turned wary after the US Federal Reserve Chair Janet Yellen on Wednesday said a December rate hike could well be a 'live possibility'. Fed statement sent short-term US bond yields to 4-1/2-year highs and pushed the dollar broadly up, but Asian markets traded in positive terrain on Thursday.

Among Asian markets , China's Shanghai Composite ended 2 per cent up, Hong Kong's Hang Seng settled the day flat, while Japan's Nikkei ended 1.02 per cent higher.

Overnight, US stocks ended slightly lower, taking a pause after two straight days of gains after Fed hinted at 25 bps December rate hike, saying it would not derail the economy or housing market.

Lowdown on markets today

03:10 pm

Sensex at 26,351, down 201.92 points

Nifty at 7,965.60, down 74.60 points

01:39 pm

Sensex at 26,469.18, down 83.74 points

Nifty at 8,008.25, down 31.95 points

12:15 pm

Sensex at 26484.13, down 68 points

Nifty at 8016.70, down 23 points

10:44 am

Sensex at 26,407.68, down 145.24 points

Nifty at 7,991.25, down 48.95 points

9:30 am

Sensex at 26,498.71, down 54.21 points

Nifty at 8,023, down 17.20 points