Sensex ends lower as uncertainty over Karnataka govt formation hurts sentiment

Sensex ends lower as uncertainty over Karnataka govt formation hurts sentiment

"A BJP victory in Karnataka will revive hopes of Narendra Modi forming the government again in 2019, which is important for the follow-up of economic reforms", said Anand Shah, deputy CEO and head of investments BNP Paribas Mutual Fund India. The sensex hit an intra-day high of 35,994, up about 440 points, before sinking to a low of 35,498 and finally closing 13 points lower at 35,544.

The BSE's Sensex slipped 105.09 points to 35,282.69, while Nifty traded 30.45 points lower at 10,710.65.

The Bombay Stock Exchange (BSE) and the National Stock Exchange of India (NSE), the two primary stock exchanges in India representing 4% of the national gross domestic product (GDP), are among the world's fastest growing and highly anticipated stock exchanges. According to market observers, heavy buying was witnessed in banking, metal and IT stocks.

At 11:30 a.m, the 30-share Sensex was at 35,867, up 310.54 points or 0.87 per cent. The NSE 50-share Nifty also lost 58 points, or 0.54 per cent, to 10,682, after shuttling between 10,777 and 10,664.

Apart from political uncertainty in Karnataka, a weak trend in other Asian bourses following overnight losses at the Wall Street dampened sentiments, brokers said.

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

Oil Rises to New Three-Year Highs
If the political prospects improve in countries like Venezuela, Libya, South Sudan, and Iran, prices will fall even lower. U.S. crude inventories C-STK-T-EIA dropped by 1.4 million barrels in the week to May 11, to 432.34 million barrels.

Earlier in the afternoon, the key Indian equity indices were trading around half-a-per cent higher.

Additionally, a hung assembly in Karnataka kept the mood of the markets indecisive and spurred a risk-off sentiment in the market, Dey added.

Rupee is trading at 67.70 against dollar in early trade on increased selling of the American currency by banks.

The Small-Cap index edged up 0.06 per cent. Nifty is trading low by 46 points at 10,756.

Punjab National Bank on Tuesday had reported a record quarterly loss of 134.17 billion rupees ($1.98 billion) with analysts anxious about the bank's growth prospects, while Syndicate Bank posted a loss of 21.95 billion rupees compared with a profit of 1.04 billion rupees past year.

Coal India, PowerGrid and were the major gainers while Tata Steel, Adani Ports and Yes Bank were losing the most. Find us on Facebook too!

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