Monday, 28 May, 2018

Sensex cheer as BJP takes lead in Karnataka election results

Markets open in green Nifty holds on to 10,800 Sensex swings to counting trends
Kenny Thornton | 17 May, 2018, 10:16

The Nifty opened lower with nervousness due to some political uncertainty post the Karnataka election verdict.

At 1.10 p.m., the wider 50-scrip Nifty of the National Stock Exchange (NSE) was trading at 10,853.80 points - up 47.20 points or 0.44 per cent - from the previous close of 10,806.50 points.

A slew of domestic and external factors has made the fundamentals unfavourable for the rupee, including a massive trade balance deficit and a declining level of foreign direct investment (FDI). The short term uptrend may reverse only if the index closes below 10,600.

At 11.25 p.m, the Sensex was trading down 164.70 points or 0.46% at 35,379.24 with 21 components falling. Among the sectoral indices, PSU Banks and Realty dragged the markets the most, falling almost 2 per cent each.

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

South Korea's KOSPI was 0.4 percent lower, Japan's Nikkei was down 0.3 percent and Australian stocks edged up 0.1 percent.

Sensex swings to counting trends

Global markets were down after North Korea cancelled high-level talks with Seoul and threatened to call off the much anticipated summit with the USA if it was pushed into unilaterally giving up its nuclear arsenal.

Coming back to the markets, broader indices remained subdued and underperformed while Mid-cap and Small-cap indices closed 0.8 and 0.65 per cent down, respectively.

Back home, Trade deficit widened to Dollars 13.7 billion in April, which further affected trading sentiment. China's Shanghai Composite Index too inched 0.25 percent. The US Dow Jones Industrial Average ended 0.25 per cent higher yesterday as retailers results and solid economic data boosted confidence in the American economy.

The SENSEX 30 is the free-float index that measures the 30 most active stocks on the BSE.

Mumbai, May 17 The rupee firmed up by 10 paise to 67.70 against the United States dollar in early trade today on increased selling of the American currency by banks and exporters amid the greenback's weakness against some currencies overseas.

Meanwhile, the bond market also witnessed carnage with the yield on the benchmark 10-year government bond maturing in 2028 surging to 7.90 per cent from 7.83 per cent last week.

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