Sensex cheer as BJP takes lead in Karnataka election results

Irene MckinneyMay 17, 2018

Markets are expected to go up if the BJP-led-coaltion is able to form the government in Karnataka.

According to market analysts, heavy selling pressure was witnessed in oil and gas and banking stocks.

The broader NSE index was down 0.46 percent at 10,751.8 as of 0611 GMT, while the benchmark BSE index was 0.38 percent lower at 35,408.98. The market breadth was also strong with almost 1,500 stocks gaining ground as against only 761 declines.

"It was the second consecutive negative closing for the Nifty due to political uncertainty in Karnataka and subdued Asian markets", said Deepak Jasani, Head of Retail Research, HDFC Securities. The company has market cap of INR83.01 million. At 11.25 p.m, the Sensex was trading down 164.70 points or 0.46% at 35,379.24 with 21 components falling. Moreover, there was a weak trend at other Asian markets, tracking overnight losses at the Wall Street amid rising geopolitical tensions in the Korean peninsula after North Korea called off talks with South Korea.

Additionally, a hung assembly in Karnataka kept the mood of the markets indecisive and spurred a risk-off sentiment in the market, Dey added.

Domestic institutional investors (DIIs) bought shares worth a net Rs 229.06 crore, while foreign portfolio investors (FPIs) sold shares worth Rs 699.22 crore yesterday, as per provisional data.

Sensex swings to counting trends

Yesterday, the rupee had gained 27 paise at 67.80 against the USA currency on suspected RBI intervention to stem further fall in the domestic currency.

The SENSEX 30 is the free-float index that measures the 30 most active stocks on the BSE.

Index for state-run banks ended 3.05 percent lower, dragged by Punjab National Bank and Syndicate Bank Ltd, which closed down 12.04 percent and 12.45 percent respectively.

Coal India, Hindustan Unilever and Bharti Infratel were among top Nifty gainers.

On the other hand, shares of ICICI Bank (up 0.69 per cent), IDFC Bank (up 0.60 per cent) and Kotak Mahindra Bank (up 0.41 per cent) were up around that time. Find us on Facebook too!

Related Articles:



« Previous article
Next article »


Popular Pages

Revamped YouTube Music is Google's latest effort to take on Spotify
Starting Tuesday, we're rolling out the new YouTube Music experience in the U.S., Australia, New Zealand, Mexico and South Korea*. YouTube Music will be a new app, for mobile and desktop, and service specifically designed for play music (and music videos).

Chrissy Teigen and John Legend welcome their second baby
American Singer John Legend and his wife Chrissy Teigen have welcomed their second child, a baby boy, together. The Sports Illustrated model announced she was pregnant with the couple's second child last November.

JSW Steel Q4 net jumps 3-fold to ₹ 2879 cr
Tata Steel Europe is seeking buyers for its five non-core business units that supply products to niche markets. The company said that the agreement for the joint venture is expected to be signed in the current quarter.

Circadian Rhythm disruption associated with mood disorders
While not all participants who wore a tracker answered all questions, the team say the sample is large enough to unpick links. Shifts in energy levels and sleep disturbances are common during clinical depression and episodes of bipolar disorder.

Chinese delegation arrives in United States to discuss trade
Earlier on May 9, Trump said bilateral trade talks with China will ensure a positive outcome for both the countries. Liu left the meeting with several other Chinese officials without speaking to reporters.

Apple and Samsung fight over what made the iPhone 'revolutionary'
As such, Apple is only entitled to payments that are made up of the worth of those individual components. Despite the high-profile court battle, Samsung keeps maintaining complex business relations with Apple .

Knights beat Jets, even series
The goal did more than just give the Knights the quick lead they were hoping for after falling behind 3-0 early in a Game 1 loss. I don't think anybody is panicking", Jets defenceman Jacob Trouba said. "Everybody has to be more competitive". "It's good.

Kristen Stewart goes barefoot at Cannes
Sugi star " Twilight " Kristen Stewart continues to amaze the behavior at the Cannes film festival . Her action had apparently not been sanctioned by the festival organisers.

Overwatch now has 40 million 'players'
Players logging during the event will receive a bonus Legendary loot box, guaranteeing one Legendary item. Kaplan also added that the Overwatch community now boasts 40 million players.

Mysterious rise in emissions of ozone-damaging chemical
Use of the chemical was banned in 2010 via the Montreal Protocol, an worldwide agreement made to protect the environment. Under the treaty's requirements, nations have reported less than 500 tons of new CFC-11 production per year since 2010.