Sensex zooms as BJP leads in Karnataka elections 2018

Sensex zooms as BJP leads in Karnataka elections 2018

Mumbai (Maharashtra): As counting is underway in Karnataka, market indices soared in Tuesday morning trade. Nifty gave up its entire intraday gain and finally ended 4 to 5 points down from its previous close.

The BJP was leading in 105 seats in the 224-member Karnataka assembly and is seen emerging as the single largest party, as per NDTV 24X7 projections.

The 10-year benchmark bond yield rose 7 basis points to 7.90 percent, its highest in almost 33 months, while the rupee fell to a near 16-month low of 67.7975 against the dollar before recovering sharply to 67.5350 on likely intervention by the central bank.

Investors who had created huge positions after early trends on hopes of a BJP win trimmed their bets after the saffron party seat prospects shrank.

In January 2008, the BSE had recorded its biggest fall, losing over 2,000 points in just two consecutive sessions.

The broader NSE index was up 0.90 percent at 10,903.70 as of 0536 GMT, while the benchmark BSE index was 1 percent higher at 35,912.95. It touch a low of 10,781.40.

Meanwhile, foreign portfolio investors (FPIs) bought shares worth Rs 717.99 crore on a net basis, while domestic institutional investors (DIIs) bought equities to the tune of Rs 687.23 crore yesterday, provisional data showed.

The 30-share pack Sensex was trading at 1:40 PM with 242 points higher at 33,705.40 with Mahindra & Mahindra (up 2.50 percent) being the top gainer and Coal India (down 1 percent) the worst laggard.

Tata Steel topped the value chart on the BSE with a turnover of Rs. 1,114.03 million. The gains damped price swings, with the India Volatility Index tumbling 11 per cent. The Oil & Gas Index was up 0.15 per cent and the Bankex, up 0.17 per cent, outperformed the Sensex.

While IT rose 0.48 per cent, Teck 0.34 per cent and metal 0.21 per cent.

Punjab National Bank's stock tanked 13% after the bank reported net loss of Rs13,416.9cr, which was below estimates, as against Rs261.9cr reported in the corresponding quarter past year.

This is the lowest closing for the rupee since January 24, 2017 when it had ended at 68.15 against the U.S. dollar. The state-owned bank had reported standalone profit of Rs 261.90 crore in the fourth quarter of the preceding fiscal 2016-17.

Globally, Asian markets ended mixed and European markets opened lower.

Even the broadly subdued Asian indices and the disappointing macro-economic inflation data points released on Monday dented investor sentiments.

This is published unedited from the PTI feed.

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