ibusinesslines.com August 21, 2018

Stock markets rise on Karnataka results

17 May 2018, 04:47 | Kelvin Horton

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Sensex and Nifty drop most in a month a day after Karnataka election verdict

Sector-wise, heavy selling pressure was witnessed in automobile, healthcare and capital goods stocks.

The 50-share Nifty reclaimed the key 10900-mark to touch a high of 10929.20 in initial trade and fell back by 4.75 points, or 0.04 per cent, to end at 10801.85.

The BSE market breadth was bearish with 1,506 declines and 961 advances.

Sensex tanked over 230 points while Nifty came below 10,700 in closing trade due to weakness in the global markets along with persistent rise in crude oil prices.

Brokers said apart from political uncertainty in Karnataka, a weak trend at other Asian bourses following overnight losses at the Wall Street dampened sentiments.

The S&P BSE Mid-Cap index fell 0.27 per cent.

Besides domestic cues, Abhijeet Dey, Senior Fund Manager, Equities at BNP Paribas Mutual Fund said that stock markets in India were impacted by weak USA and Asian shares.

Meanwhile, the Indian Rupee rose by five paise to trade at Rs.67.74 against one USA dollar.

Shares of SRS Limited (NSE:SRSLTD) last traded at 0.75, representing a move of -6.25%, or -0.05 per share, on volume of 1.95M shares. Meanwhile, foreign portfolio investors (FPIs) sold shares worth a net Rs 518.47 crore, while domestic institutional investors (DIIs) bought shares worth Rs 531.33 crore yesterday, as per provisional data.

The Small-Cap index edged up 0.06 per cent.

Punjab National Bank on Tuesday had reported a record quarterly loss of 134.17 billion rupees ($1.98 billion) with analysts anxious about the bank's growth prospects, while Syndicate Bank posted a loss of 21.95 billion rupees compared with a profit of 1.04 billion rupees a year ago.

The major gainers on the BSE were Hindustan Unilever, ITC, Wipro, Yes Bank, Tata Motors (DVR), while ICICI Bank, Reliance Industries, State Bank of India, Hero MotoCorp, and Adani Ports were the major losers.

On the NSE, the top gainers were Bajaj Finance, Bajaj Finserv and Coal India.

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