MARKET WRAP: Cong-JD(S) alliance buzz in Karnataka keeps sentiment in check
The markets pared gains to turn flat on reports of Congress-JD(S) alliance in Karnataka
 "Photo: Shutterstock.com")
Photo: Shutterstock.com
The markets pared gains to end in red after reports of Congress-JD(S) alliance in Karnataka. According to media reports, JD(S) has accepted Congress' proposal of making HD Kumaraswamy the state's chief minister.
The S&P BSE Sensex ended at 35,544, down 13 points while the broader Nifty50 index settled at 10,802, down 5 points.
Trends suggest Narendra Modi-led Bharatiya Janata party (BJP) is leading , but is still short of majority in Karnataka
A high-stakes battle for the Karnataka Assembly ended on Saturday evening, with over 35 million voting in an election crucial for the ruling Congress as well as the BJP and the JD-S.
The S&P BSE Sensex ended at 35,544, down 13 points while the broader Nifty50 index settled at 10,802, down 5 points.
Trends suggest Narendra Modi-led Bharatiya Janata party (BJP) is leading , but is still short of majority in Karnataka
A high-stakes battle for the Karnataka Assembly ended on Saturday evening, with over 35 million voting in an election crucial for the ruling Congress as well as the BJP and the JD-S.
All three main contenders for power -- Congress, the Bharatiya Janata Party (BJP) and the Janata Dal-Secular (JD-S) -- claimed they would win hands down.
GLOBAL MARKETS
(with Reuters inputs)
World stocks fell on Tuesday as investors digested soft Chinese economic data and a lack of progress in US-China trade talks, while a rise in US borrowing costs supported the dollar.
MSCI’s world equity index, which tracks shares in 47 countries, was down 0.3%. Europe’s benchmark Stoxx 600 was 0.1% lower while Germany’s DAX shed 0.2% as first-quarter economic growth in the country came in lower than expected.
MSCI’s broadest index of Asia-Pacific shares outside Japan fell 0.8%.
(with Reuters inputs)
4:02 PM
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Market rundown by Vinod Nair, Head of Research, Geojit Financial Services
"Market has a good start led by positive impression of central ruling government in the Karnataka election. But lost its aura as lack of clear majority emerged by the end of the day. Whatsoever be the final outcome, this will give more depth to the market as concern over the performance of BJP in the next general election of 2019 will reduce. At the same time, market will try to focus back on macro & micro economic parameters which have been unpleasant in the recent time."
3:44 PM![]()
BSE Smallcap index slips 0.65%. Top losers:
| COMPANY | LATEST | PREV CLOSE |
LOSS( ) | LOSS(%) |
| UTTAM SUG.MILLS | 66.10 | 74.40 | -8.30 | -11.16 |
| AVADH SUGAR | 313.00 | 349.50 | -36.50 | -10.44 |
| PTC INDIA FIN | 19.40 | 21.55 | -2.15 | -9.98 |
| ADANI TRANSMISSI | 143.00 | 158.45 | -15.45 | -9.75 |
| S CHAND & COMPAN | 337.85 | 370.65 | -32.80 | -8.85 |
3:41 PM![]()
BSE Midcap index ends 0.81% down. Top losers:
| COMPANY | LATEST | PREV CLOSE |
LOSS() | LOSS(%) |
| REL. COMM. | 12.65 | 13.50 | -0.85 | -6.30 |
| TATA GLOBAL | 241.35 | 255.30 | -13.95 | -5.46 |
| VAKRANGEE | 60.05 | 63.20 | -3.15 | -4.98 |
| GODREJ AGROVET | 645.00 | 677.40 | -32.40 | -4.78 |
| ORACLE FIN.SERV. | 3910.10 | 4095.05 | -184.95 | -4.52 |
3:36 PM![]()
Nifty PSU Bank indec ends nearly 3% lower: Top losers in the pack
| COMPANY | LATEST | PREV CLOSE |
LOSS() | LOSS(%) | VOLUME |
|---|---|---|---|---|---|
| ALLAHABAD BANK | 40.45 | 44.15 | -3.70 | -8.38 | 13123647 |
| PUNJAB NATL.BANK | 84.80 | 89.30 | -4.50 | -5.04 | 26336750 |
| ORIENTAL BANK | 81.65 | 84.65 | -3.00 | -3.54 | 4049130 |
| UNION BANK (I) | 85.25 | 88.05 | -2.80 | -3.18 | 7169694 |
| CANARA BANK | 241.70 | 249.35 | -7.65 | -3.07 | 10813295 |
3:36 PM
Sectoral Trend
3:33 PM
BSE Sensex gainers and losers of the day:
3:32 PM
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Market at close
The S&P BSE Sensex ended at 35,544, down 13 points while the broader Nifty50 index settled at 10,802, down 5 points.
3:14 PM
Partywise Trend (Source: ECI)
3:06 PM
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India bonds hit near 33-month low, rupee weakest in 16 months on higher oil, inflation
Indian bonds and the rupee currency weakened to multi-month lows in early trade on Tuesday, as global crude oil prices inched up and the local inflation print came in higher than expected.
The 10-year benchmark bond yield rose 7 basis points to 7.90 percent on Tuesday, its highest since Aug. 25 2015, while the Indian rupee fell to 67.76 against the dollar, its weakest since Jan. 31, 2017 from its previous close of 67.50. READ MORE
2:55 PM
Like many public-sector banks (PSBs) that have announced their March 2018 (Q4) results so far, Punjab National Bank (PNB) too is expected to report losses but of a higher magnitude. Besides higher slippages (loans turning bad) due to the Reserve Bank of India’s (RBI) new non-performing assets (NPAs or bad loans) rules and mark-to-market (MTM) provisioning for depreciation in value of government bonds due to higher yields, provisioning for the Rs 135 billion fraud reported in February is expected to have led to the poor performance in Q4. READ MORE![]()
NPA provisioning to hit PNB results; to report loss of Rs 27 billion in Q4
Like many public-sector banks (PSBs) that have announced their March 2018 (Q4) results so far, Punjab National Bank (PNB) too is expected to report losses but of a higher magnitude. Besides higher slippages (loans turning bad) due to the Reserve Bank of India’s (RBI) new non-performing assets (NPAs or bad loans) rules and mark-to-market (MTM) provisioning for depreciation in value of government bonds due to higher yields, provisioning for the Rs 135 billion fraud reported in February is expected to have led to the poor performance in Q4. READ MORE
2:47 PM![]()
Rupee at 16-month low: Rupee inches toward 68-mark, trades at 67.85 per dollar, weakest Since Jan 30, 2017
2:40 PM![]()
KARNATAKA VERDICT: Trends show BJP still short of majority in Karnataka polls
2:36 PM![]()
KARNATAKA VERDICT: JD(S) accepts Congress' proposal for chief minister's post: TV Reports
2:33 PM![]()
KARNATAKA VERDICT: Congress offers to make HD Kumaraswamy the CM; JD(S) willing to lead the Govt: TV Reports
2:30 PM![]()
NEWS UPDATE NCLT rejects plea by Bhushan Steel employees, okays Tata Steel bid
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First Published: May 15 2018 | 3:30 PM IST
