Sensex zooms as BJP leads in Karnataka elections 2018

Karnataka Elections: Twitterati Mocks Rahul Gandhi With Tons of Memes

The barometer 30-scrip Sensitive Index (Sensex), which opened at 35,537.85 points, traded at 35,966.64 points - up 409.93 points or 1.15 per cent - from its previous session's close of 35,556.71 points.

Later, it met with profit-booking at higher levels and slipped in the negative zone to hit a low of 35497.92, before settling 12.77 points, or 0.04 per cent to 35543.94. Weak Asian markets also contributed to negative sentiment.

The equity market was ended on a weaker note as USA and Asian shares declined amid rising geopolitical tensions in the Korean peninsula. Stocks pared losses in afternoon trade.

The S&P BSE Mid-Cap index fell 0.27 per cent.

All sectors are in the green list, with banks and metals leading the charge while the broader markets underperformed front-liners, with the Nifty Midcap rising 0.4 percent. Both these indices outperformed the Sensex. A total of 112 shares were unchanged.

Major index gainers were Tata Steel, PowerGrid, Bajaj Finance, TCS, Asian Paints, Lupin, Eicher Motors and Titan.

On the Sensex, Hero MotoCorp (3.64%), ICICI Bank (2.60%), and SBI (2.51%) were the top losers. The market capitalisation of listed firms on the NSE stood at Rs 1,47,45,721.30 crore. While the Bharatiya Janata Party (BJP) emerged as the single-largest party, winning 104 seats, the Congress and the Janata Dal Secular (JDS) stood second and third with wins on 78 and 38 seats respectively. However, it gave up all gains to end modestly lower after the Congress unexpectedly stitched up a post-poll alliance with the JD (S) and staked claim to form the government.

Overseas, markets in Asia were trading mixed as investors assessed the outlook for trade relations between the U.S. and China and tensions in the Middle East. Asian stocks were mixed as geopolitical developments and rising benchmark United States yields spurred a return of risk aversion.

Global markets were stumped after N Korea canceled high-level talks with Seoul and threatened to call off the much-awaited summit with the U.S. if it was pushed into unilaterally giving up its nuclear arsenal. -North Korean summit into doubt.

The election results not only dampened the equity market sentiments but also dragged the Indian rupee down by 56 paise to close at its 15-month low of 68.08 against the USA dollar from its previous close at 67.52 per greenback.

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