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Karnataka poll results depress equity indices, auto stocks slump (Fourth Lead)

IANS  |  Mumbai 

Uncertainty over government formation in depressed the key Indian equity indices on Tuesday.

According to analysts, panic selling was witnessed in the later hours of the day's trade as the key indices ceded gains made during the morning session.

Earlier in the trade session, the barometer Sensex of the BSE had surged over 400 points after early election trend hinted a clear majority for the The party, however, fell a few Assembly seats short of the clear majority mark.

Even the broadly subdued Asian indices and disappointing macro-economic inflation data points released on Monday dented investor sentiments.

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

At 3.30 p.m., the BSE Sensex, which had opened at 35,537.85 points, provisionally closed at 35,543.94 points, lower by 12.77 points or 0.04 per cent from the previous day's close at 35,556.71 points.

It touched a high of 35,993.53 points and a low of 35,497.92 during the intra-day trade. The BSE market breadth was bearish with 1,616 declines and 1,024 advances.

The wider 50-scrip Nifty of (NSE) closed at 10,801.85 points -- down 4.75 points or 0.04 per cent -- from the previous close of 10,806.50 points.

The major gainers on the BSE were Tata Steel, Power Grid, IndusInd Bank, (TCS) and while (DVR), Tata Motors, State Bank of India, Coal and were the major losers.

On the NSE, the top gainers were Tata Steel, Power and The major losers were Tata Motors, State Bank of and Coal

--IANS

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, May 15 2018. 16:26 IST
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