Sensex closes 39 points lower ahead of Bihar state elections result

Mumbai: The BSE Sensex edged lower on Friday after earlier hitting a five-week low ahead of the results from elections in Bihar, which Prime Minister Narendra Modi’s party needs to win to improve the parliamentary strength it needs to push through reforms.

Modi’s nationalists and opposition parties were running neck-and-neck in the elections, according to exit polls on Thursday. Official results will be announced on Sunday.

Tata Steel Ltd fell 2.3% after posting a lower-than-expected operating profit, but State Bank of India gained 3.9% after reporting a jump in quarterly net income.

The Nifty fell 0.01% to 7,954.30, after earlier falling as much as 0.37% to its lowest intra-day level since 30 September.

For the week, the index fell 1.4%, a second consecutive weekly loss.

The Sensex fell 0.15%, or 38.96 points, to 26,265.24.

Bombay Stock Exchange - BSE