Sensex loses over 125 points; Nifty touches below 10700-mark

18 May, 2018, 16:15 | Author: Mable Gonzales
  • Will Sensex cheer Karnataka results? 5 things to know

This is the fourth straight decline for the 30-share Sensex.

Crude oil prices went past the $80 per barrel mark on Thursday.

BJP legislature party leader B S Yeddyurappa was sworn in as the chief minister of Karnataka for the second time, after an overnight high-voltage legal battle in the Supreme Court.

As of 10:32 am, Sensex was down 130 points or 0.32 per cent at 35,036 after falling to as much as 34,961.78 in the morning trade.

The 50-share NSE Nifty too stayed in the red through the session and finally settled 60.75 points, or 0.56 percent down at 10,741.10. During the session, it moved between 10,589.10 and 10,674.95.

Market Closing: Benchmark indices closed sharply lower on Wednesday as uncertainty remained over the formation of government in Karnataka. "This along with rising oil prices suggest caution on the macro front", said Nomura Financial Services in a note to its clients. "A BJP victory in Karnataka will revive hopes of Narendra Modi forming the government again in 2019, which is important for the follow-up of economic reforms", said Anand Shah, deputy CEO and head of investments BNP Paribas Mutual Fund India.

In terms of investments, provisional data with the exchanges showed that foreign institutional investors sold scrips worth Rs 699.22 crore, while the domestic institutional investors bought stocks worth Rs 229.06 crore.

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State-run banks remained under selling pressure on disappointing quarterly results due to a jump in provisions for bad loans.

After easing for three months, India's retail inflation shot up to 4.58 per cent in April, which may turn the Reserve Bank of India more hawkish.

However, HUL, Kotak Bank, IndusBank, ITC, Hero MotoCorp, TCS and Yes Bank ended with gains.

The BSE capital goods index lost the most at 3.05 per cent, followed by metal (2.36 per cent), infrastructure (2.21 per cent), healthcare (2.06 per cent), auto (1.82 per cent), realty (1.74 per cent), PSU (1.60 per cent), oil and gas (1.46 per cent), power (1.38 per cent) and bankex (0.78 per cent).

The sectoral indices like Materials, FMCG, Finance, Bankex and Powerfell that pulled the market down today.

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.

In the Asian region, Shanghai Composite Index fell 0.48%, while Hong Kong's Hang Seng slipped 0.54%. The Bank Nifty fell 0.41%.

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