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Sensex, Nifty close flat as BJP falls short of majority, Congress-JDS to stake claim to form govt in Karnataka

Sensex, Nifty close marginally lower after BJP falls short of halfway mark and Congress announces outside support to JDS to form the government in the state.  Sensex ends 12 points lower to 35,543, Nifty stands at 10,801, down 4.75 points

twitter-logo BusinessToday.In        Last Updated: May 15, 2018  | 17:24 IST
Sensex, Nifty close flat as BJP struggles to achieve majority, Congress-JDS to stake claim to form govt in Karnataka

The Sensex erased all its gains since morning trade today after BJP struggled to reach the halfway mark of 112 seats to form the next government in Karnataka. There were reports that Congress and JDS staked their claim to form the government. BJP won 104 seats out of 222 seats for which counting was done. Congress was able to retain 78 assembly seats with JDS winning on 38 seats. Independent candidates won on two assembly seats.

Earlier in the day, the Sensex rose over 350 points and Nifty hit 10,900 for the first time since February 2, 2018 amid the early trends of the results of Karnataka assembly elections showing BJP leading gains in the Congress-ruled state. The BJP looked set to  emerge as winner leading on more than 100 seats in contest for 222 assembly seats. The Congress looked a distant second leading at 64 seats, followed by Janata Dal (Secular) holding gains at 45 seats. But as the Narendra Modi-led party faltered ahead of the halfway mark, benchmark indices turned volatile and fell into negative territory. While the Sensex fell 451 points from the intra day high of 35,993, the Nifty was down 128 points from the intra day high of 10,929 level.

We look at live updates of all the market action today.

4: 11 pm: Rupee falls below 68 level for the first time since January 2017, closes at  68.07 level. The Indian currency opened lower by 17 paise at 67.68 per dollar today versus previous close of 67.51.

4:10 pm: VK Sharma, head private client group and capital market strategy at HDFC Securities said, "While the Nifty closed just 5 points down at 10,802, the gloom was high as the BJP gave up its intraday majority mark with just 104 leads at the time of market close. The PSU bank index and the real estate index were the worst decliners. Though the BJP dramatically improved its performance from the last elections, reports that the Congress was ready to provide support to the JDS led the indices lower. It's an event that is now out of the way. The markets will now be more reactive to the international cues, which are a matter of concern specially the rising crude and dollar."

3:55 pm: Midcap stocks index fell 0.81% or 131 points on BSE. Small cap stocks index fell 0.65% or 114 points.  

3: 50 pm: After Congress, BJP reaches out to JDS to form government in Karnataka. 

3: 45 pm: Market breadth is negative with 1025 stocks ending higher against 1615 stocks closing lower on BSE. 139 stocks are unchanged. 

3:40 pm: Of 30 Sensex stocks, 16 end lower. 

3: 35 pm: Tata Steel (2.29%), PowerGrid (2.27%) and IndusInd Bank (1.54%) are the top Sensex gainers.  Tata Motors (4.29%), Coal India (2.11%) and SBI (1.87%) are top Sensex losers.

3:30 pm: Sensex, Nifty close marginally lower after BJP falls short of halfway mark and Congress announces outside support to JDS to form the government in the state.  Sensex ends 12 points lower to 35,543, Nifty stands at 10,801, down 4.75 points. 

2:56 pm: Congress leader Ghulam Nabi Azad says, "We had a telephonic talk with Devegowda and HD Kumara Swamy, they have accept in principle, we are in touch with other independent candidates, we are expected to meet the governor in the evening."

2:30 pm: CM Siddaramaiahto meet Karnataka governor at 4 pm, submit resignation.

2:16 pm: Sensex falls 50 points with 20 components in the red in afternoon trade after BJP looks far away from the 112-seat majority mark. 

2:15 pm: Rupee weakens to 67.86 per dollar in afternoon trade from its last close of 67.50

2:00 pm: Sensex trades 85 points higher in afternoon trade with 17 components in the green.

1:30 pm: Suven Life Sciences March-quarter profit rises to Rs 62.51 crore versus profit of Rs 40.07 crore an year ago. Shares jump over 4 percent in afternoon trade.

1:00 pm: Thyssenkrupp CFO says signing of joint venture with Tata Steel expected in H1. Shares in Tata Steel surge over 3 percent in afternoon trade.

12:43 pm: BEML stock trading 7.23% or 76 points higher at Rs 1130 on BSE.

12: 15 pm: While the Sensex was trading 243 points higher at 35,799 level, the Nifty was up 68.75 points or 0.63% to 10,874.

12: 00 pm: Aditya Birla Money says unit Aditya Birla Commodities Broking gets prior approval from NCDEX & MCX.

11:45 am: Nifty IT index gains 0.9 percent, while PSU bank index adds 0.8 percent in early trade.

11:20 am Power Grid hits over six-month high; Power Grid Corp of India shares rise as much as 3.32 percent to Rs 216, highest since November 3, 2017.

11:00 am: BJP leading in over half of required seats to form government in Karnataka - Election Commission

10:20 am: While the Sensex rose 348 points or 0.98% to 35,905, the Nifty was up 97 points or 0.81% to 10,903. Top Sensex gainers were PowerGrid (2.13%), Hindustan Unilever  (1.73%) and TCS (0.62%).

10: 15 am: Tata Motors (1.65%), Bajaj Auto (0.84%)  and Adani Ports (0.78%) were the top losers. PC Jeweller was the top loser on the BSE falling 8.57% or 15 points to 162.85.

10:10 am: Market breadth was marginally positive with 636 stocks rising against 611 falling on BSE.

10:05 am: The rupee which fell to lowest since February 1, 2017  to a fresh 15-month low moved into the green after the market moved higher after a flat opening. The rupee opened at 67.68 per dollar , a fresh 15-month low but the rose later after the market moved into positive territory on likely BJP win in the Karnataka Assembly poll. The Indian rupee opened lower by 17 paise at 67.68 per dollar on Tuesday versus previous close 67.51.

9: 45 am: Meanwhile, mid caps and small caps indices were trading 0.09%  and 0.44% higher on BSE.  Banking stocks led the gains with HDFC Bank (1.26%), YES Bank (1.18%) and Kotak Mahindra (0.79%) trading higher in morning trade.  The BSE Bankex rose 0.715 or 211 points to 29,950. Bank Nifty too was up 0.75% or 198 points to 26,673 level.

9: 30 am: BSE capital goods index too was trading higher by 108 points or 0.57% to 19,172 level.

9:15 am: In early seconds of trade, the Sensex rose 8 points or 0.02% to 35,565 and the Nifty fell 2.30 points to 10,804 signalling a flat opening for the market.

9: 00 am: On Monday, the Sensex closed about 21 points higher after early gains were erased due to a sell-off by participants ahead of the outcome of Karnataka assembly elections. The broader 50-issue NSE Nifty edged up just 0.10 points to close at 10,806, after shuttling between 10,834 and 10,774.

7:45 am: Three days after Karnataka voted for a new assembly on May 12, the counting of votes cast in 222 assembly constituencies out of 224 will begin at 8 am today.

 

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