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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

SI Reporter  |  New Delhi 

Photo: Shutterstock.com
Photo: Shutterstock.com

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." 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 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 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 Sectoral Trend BSE Sensex gainers and losers of the day:

The 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 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

World 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 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 outside Japan fell 0.8%.

(with Reuters inputs)

First Published: Tue, May 15 2018. 15:30 IST
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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

The 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 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

World 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 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 outside Japan fell 0.8%.

(with Reuters inputs)

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