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!

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