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S&P BSE Sensex and Nifty50 closed mixed on Monday. Nifty50 managed to hold on to 18700 levels.

“We have observed over the years that the exit poll has had little influence on market sentiments. At most, it will have an effect within the first half-hour or hour of the market opening,” said Sunil Damania, chief investment officer at MarketsMojo.

Among sectoral indices, Nifty IT and metal indices shed 1% each, followed by weakness in pharma, auto, realty and financial services stocks. On the other hand, only the Nifty PSU Bank index was trading in the green.

A total of 239,249 shares changed hands on the counter till 10:05AM (IST).

On the other hand, prominent names among those trading below their 200-DMAs are Adani Transmission, Adani Green Energy, Bajaj Auto, Bajaj Finance, Bandhan Bank, Paytm and Gland Pharma. Stocks trading below their 200-DMAs may be in the oversold zone.

Based on the ideas of Warren Buffett, a custom screen made by MarketSmith focuses on metrics looking for companies with long-term past and potential future growth.

The rupee was at 82.30 to the U.S. dollar by 9.30 a.m. IST, down from 81.79 in the previous session. The local unit opened at 81.9350 before swiftly falling below the 50-day moving average of 81.98 and the psychological level of 82.

The domestic brokerage firm believes that the outperformance of PSU stocks is likely to continue moving forward, and the next big trigger for the market will be budget expectations.

As far as the domestic equity market, a rate hike of 30-35 bps has been largely discounted by investors. Therefore, no major movement in equities is expected if the rate action is on expected lines.

The Nifty Bank index was trading 0.17 per cent down at 43260.2.