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Sensex, Nifty rise on likely BJP win in Karnataka


By Jessica Kuruthukulangara

(Reuters) - Indian shares traded higher on Tuesday, with stocks contributing to most of the gains, as Narendra Modi's seemed likely to win the assembly elections in Karnataka.

The BJP was leading against the main opposition party as counting progressed, after an election seen as a measure of Modi's popularity ahead of next year.

"The major thing investors look out for is a stable government and a decisive mandate is something markets always take positively. Going by last few weeks' trends, markets were factoring in a decisive win for BJP," said Siddhartha Khemka, at

Indian bonds and the rupee hit multi-month lows in early trade, as global 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, its highest in nearly 33 months, while the rupee fell to a near 16-month low of 67.7975 against the dollar before recovering sharply to 67.5350 on likely intervention by the central

Government data on Monday showed India's and wholesale inflation accelerated in April, mainly due to higher fuel and

The broader NSE Nfity was up 0.90 percent at 10,903.70 as of 0536 GMT, while the benchmark BSE Sensex was 1 percent higher at 35,912.95.

Both indexes gained more than 1 percent to hit their highest levels since early February.

The Nifty index climbed as much as 1.9 percent to hit its highest level since Feb. 2, on track for a third straight session of gains.

Ltd gained over 2 percent to hit an all-time high.

climbed as much as 2.6 percent to hit a record high after the diversified reported an about 14 percent rise in profit on Monday, helped by higher sales in its home care business.

shares rose as much as 4.2 percent after and private equity firm sweetened their bid to buy Fortis.

(Reporting by in Bengaluru; Editing by Sunil Nair)

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

First Published: Tue, May 15 2018. 11:18 IST