Sensex cheer as BJP takes lead in Karnataka election results

Day before karnataka polls result Sensex opens in green Nifty reaches beyond 10,800 mark

Day before karnataka polls result Sensex opens in green Nifty reaches beyond 10,800 mark

On May 14 - the previous trade session - both the key indices closed on a flat-to-positive note as caution prevailed ahead of the Karnataka assembly election results and a rise in the April wholesale inflation rate.

Adding to the woes, the rupee went into a tailspin by plunging 56 paise, the second biggest single-day fall of 2018, to end at a new 16-month low of 68.07 as panic dollar demand rattled currency market.

The 10-year benchmark bond yield rose 7 basis points to 7.90 percent, its highest in almost 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 bank. Nifty50, after testing 10,100 level in morning trade, was trading near 10,400 level.

"Market traded range bound...ahead of tomorrow's Karnataka state election verdict and CPI inflation data later in the day".

The report states, "We expect the market to take a BJP victory positively; however, a narrow Congress victory will not lead to a great deal of consternation among market participants with six months to go for the next state elections and 12 months for general elections". "We are giving support to JDS to form the government".


With chances of having a divided outcome, former Congress president Sonia Gandhi, reportedly, told senior party leader Ghulam Nabi Azad to let JDS's Kumaraswamy become the Chief Minister.

Investors who had created huge position after early trends on hopes of BJP win trimmed their bets after the saffron party seat prospects shrank.

Biggest gainers in the 30-share index were Tata Steel (2.29%), Power Grid Corporation Of India (2.22%), Tata Consultancy Services (1.41%), Asian Paints (0.89%), H D F C Bank (0.85%), and Hindustan Unilever (0.80%).

"Much of such money had earlier gone into index and a few set of stocks, but mid and small cap indices looks to have caught up today, which is also a testimony of positivity by way of increased earnings visibility", James said. It touched a low of 10781.40. The yield on the benchmark 10-year government security breached 7.9 per cent in the wake of global Brent crude oil prices nearing $80 a barrel.

The Indian currency had lost 18 paise to end at 67.51 against USA dollar in Yesterday's trade.

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