May 21, 2018

Sensex, Nifty slip as BJP's lead in Karnataka narrows

17 May 2018, 06:00 | Melvin Schneider

Sensex swings to counting trends

Sensex up over 420 points Nifty crosses 10,900 as BJP all set to form government in Karnataka

Although BJP may struggle to form the government but the fact that it has emerged as the single largest party is a sign that markets will not ignore. The sensex hit an intra-day high of 35,994, up about 440 points, before sinking to a low of 35,498 and finally closing 13 points lower at 35,544.

Reacting to this, the Sensex ended at 35,149, down 238.76 points, while the broader Nifty50 closed at 10,682, down 58.40 points. Late selling in realty, PSU and infrastructure stocks mainly dragged the market from early highs.

The 50-share Nifty reclaimed the key 10,900-mark to touch a high of 10,929.20 in initial trade and fell back by 4.75 points, or 0.04 per cent, to end at 10,801.85.

The biggest declines on the BSE happened during the onslaught of the 2008 Global Financial Crisis and when the Chinese central bank had suddenly moved to devalue the yuan.

At 11:30 a.m, the 30-share Sensex was at 35,867, up 310.54 points or 0.87 per cent.

The equity market was ended on a weaker note as United States and Asian shares declined amid rising geopolitical tensions in the Korean peninsula.

Sensex swings to counting trends

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

On the other hand, the rupee closed at Rs. 67.87 against the USA dollar today.

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.

Sector-wise, the S&P BSE FMCG index rose by 184.11 points, the realty index edged higher by 45.42 points and the IT index ended 23.88 points higher.

The stock closed at Rs 75.55 - down Rs 10.45 or 12.15 per cent - from the previous close of Rs 86 per share.

Scrips of ICICI Bank, Reliance Industries, SBIN, HeroMoto Corp and Adani Ports dipped while Hindustan Unilever, ITC, Wipro and Yes Bank were positive. Find us on Facebook too!

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