Key benchmark indices trimmed gains in mid-morning trade after an intraday surge in morning trade triggered by trends and results showing the Bharatiya Janata Party (BJP) is set to form the government in Karnataka. At 11:18 IST, the barometer index, the S&P BSE Sensex, was up 340.73 points or 0.96% at 35,897.44. The Nifty 50 index was up 91.20 points or 0.84% at 10,897.80. Metal and mining stocks were in demand.
Domestic stocks began trading for the day on a firm note as initial trends showed BJP taking huge lead in Karnataka. Key benchmark indices extended gains and hit fresh intraday high in morning trade.
All eyes are on the outcome of the Karnataka assembly elections. Trends and results as at 11:11 IST showed the Bharatiya Janata Party (BJP) leading in 112 seats, Indian National Congress leading in 56 seats and Janata Dal (Secular) leading in 38 seats. The Karnataka Assembly elections in a single-phase polling were held on Saturday, 12 May 2018. Polling was held in 222 constituencies of the 224-member assembly.
The S&P BSE Mid-Cap index was up 0.58%. The S&P BSE Small-Cap index was up 0.92%. Both these indices underperformed the Sensex
The market breadth, indicating the overall health of the market, was strong. On the BSE, 1,502 shares rose and 752 shares fell. A total of 97 shares were unchanged.
Tata Motors (down 1.43%), ITC (down 0.86%) and Coal India (down 0.11%) edged lower from the Sensex pack.
Metal and mining stocks were in demand. JSW Steel (up 2.78%), Tata Steel (up 2.69%), Steel Authority of India (Sail) (up 2.75%), National Aluminium Company (up 1.39%), Hindustan Zinc (up 0.66%), Jindal Steel & Power (up 0.71%), Hindalco Industries (up 1.96%), NMDC (up 2.09%), Vedanta (up 0.09%) and Hindustan Copper (up 0.9%) edged higher.
Copper edged lower in the global commodities market. High Grade Copper for July 2018 delivery was currently off 0.45% at $3.0790 per pound on the COMEX.
On the macro front, the all-India general CPI inflation increased to 4.58% in April 2018 (new base 2012=100), compared with 4.28% in March 2018, snapping consistent moderation for last three months. The corresponding provisional inflation rate for rural area was 4.67% and urban area 4.42% in April 2018 as against 4.44% and 4.12% in March 2018. The core CPI inflation increased to 5.80% in April 2018 compared with 5.23% in March 2018. The data was released by the government after market hours yesterday, 14 May 2018.
The cumulative CPI inflation had declined to 3.59% in April-April FY2018 compared with 4.52% in April-April FY2017.
Meanwhile, the President of India, as advised by the Prime Minister, directed reallocation of portfolios amongst the members of the Union Council of Ministers. During the period of indisposition of Arun Jaitley, Minister; the portfolios of Minister of Finance and Minister of Corporate Affairs held by him, be temporarily assigned to Piyush Goyal, in addition to his existing portfolios.
Rajyavardhan Singh Rathore be assigned the independent charge as Minister of State in the Ministry of Information and Broadcasting, in place of Smriti Zubin Irani, presently Minister of Information and Broadcasting.
S.S. Ahluwalia, Minister of State be relieved of the charge of Ministry of Drinking Water & Sanitation and assigned the portfolio of Ministry of State in the Ministry of Electronics & Information Technology. Alphons Kannanthanam, Minister of State be relieved of the charge of Minister of State in the Ministry of Electronics & Information Technology.
Overseas, Asian stocks fell as investors remained cautious about key economic and political risks, while supply concerns kept crude oil prices near 3-1/2-year highs. US stock indexes posted modest gains yesterday, 14 May 2018 and the Dow ended with an eighth gain in a row, extending an uptrend on signs of easing trade tensions between the US and China.
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