Sensex zooms 260 points as BJP takes the lead in Karnataka

SGX-snip-14-may

"The major thing investors look out for is a stable government and a decisive mandate is something markets always take positively".

The 30-scrip Sensitive Index (Sensex) on Wednesday opened on a negative note during the morning session of the trade.

(G.N.S) Dt. 14 New Delhi The benchmark BSE Sensex closed 21 points or 0.06 per cent up at 35,557 while the broader NSE Nifty stood above the 10,800-mark just ahead the day of K'taka polls.

However, emergence of selling at every rise wiped off initial gains and the index finally settled 20.92 points, or 0.06 per cent higher at 35,556.71.

"Going by last few weeks' trends, markets were factoring in a decisive win for the BJP". With more results scheduled in the next 1-2 weeks, stock specific volatility is likely to remain high.

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After losing the 2018 Karnataka Assembly Elections, Share market has been boosted up rapidly. The Nifty closed 0.04% or 4.75 points down at 10,801.85.

Both indexes gained more than 1 percent to hit their highest levels since early February.

The Indian rupee recovered sharply after opening 7 paise lower, and now it is trading higher by 18 paise at 67.89 against the U.S. dollar. "While corporate earnings growth has improved, the macros are deteriorating due to higher oil prices", he added.

Overseas, markets in Asia were trading mixed as investors assessed the outlook for trade relations between the U.S. and China and tensions in the middle-east.

Meanwhile, foreign portfolio investors (FPIs) bought shares worth a net Rs 717.99 crore while domestic institutional investors (DIIs) bought shares worth Rs 687.23 crore yesterday, as per provisional data.

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The top losers were Mahindra and Mahindra, down 2.17 per cent at Rs 850.10; Tata Motors (DVR), down 2.05 per cent at Rs 190.90; Tata Motors, down 2 per cent at Rs 324.15; Yes Bank, down 1.51 per cent at Rs 344.65; and Bharti Airtel, down 1.09 per cent at Rs 381.50 per share.

However, it gave up all gains to end modestly lower after the Congress unexpectedly stitched up a post-poll alliance with the JD (S) and staked claim to form the government.

HDFC Bank Ltd gained over 2 percent to hit an all-time high.

It has been in a virtual free fall for the Indian unit which settled a hairs breadth below its intra-day low of 68.15 a dollar.

Indian equities rallied the most in a month as vote-counting from elections in a key southern state showed Prime Minister Narendra Modi's Bharatiya Janata Party leading over the main opposition.

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