After a slight recovery in the opening session, Indian stock markets tumbled again on Friday. The markets have witnessed heavy bleeding in last seven straight trading sessions due to weak global sentiments. The BSE Sensex closed 96 points down to 37,463, while the 50-stock Nifty index tumbled 23 points lower to 11,279 levels. Bank Nifty index slipped by 155 points to 29,040 levels. The gainers of the day were Zee Entertainment, Titan, Bharti Airtel, SBI. Meanwhile Tata Steel, Yes Bank, HCL Tech, IndusInd Bank were among the losers today. 

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Prakash Pandey, Head of Research, Fairwealth Securities said, ''FIIs (Foreign Institutional Investors) and DIIs (Domestic Institutional Investors) are still positive and can lift the Indian indices on their own, and post-Lok Sabha Elections 2019 results, we can expect some fresh buying by the FIIs and the DIIs as things would be quite clear for them."

Markets are going through heavy selloff over the last seven straight sessions and the Nifty itself has shed more than 600 points after making a lifetime high of 11,856 recently. The BSE Sensex also dipped around 1,000 points after making an all-time high of 39,487. So, it becomes important for the stock market investors to know about the outlook of Indian indices in the coming few days, as the Lok Sabha election results will also be declared in two weeks.

''Market has strong support at 11,250 and currently it is in the range bound of 11,250 to 11,480. The volatility is expected to remain same till election results. The overall market seems bullish at present,'' Pandey added.   

Metal, IT, pharma, energy, FMCG and auto witnessed selling pressure, while some buying seen in the banks and infra sectors. Midcap and smallcap index ended with marginal gains. While PSB major, SBI reported Q4FY19 results today, net profit at Rs 838.4 crore against loss of Rs 7,718 crore in a year ago period. The company's gross NPA was down at t 7.53 percent, while net NPA was down at 3.01 percent, QoQ.

Election uncertainty has driven markets in the last year with cyclical segments witnessing a significant derating despite posting good corporate earnings and order books. Elections will pose an impact on returns in the short term, whereas earnings drive returns over the longer term. With the election results getting out of the way in May, the focus should shift to earnings growth.

Asian markets too showed some tepid trade as Japanese Nikkei dipped 0.41 per cent, South Korean Kospi edged higher 0.29 per cent, Hang Seng jump 0.84 per cent while Shanghai index shot up 3.1 per cent.