Wednesday, 16 January, 2019

Sensex cheer as BJP takes lead in Karnataka election results

FAST MONEY Nestle Titan among key intraday trading calls for today On Wall Street the Dow rose 0.8 per cent. Image source Reuters
Ginger Lawrence | 17 May, 2018, 04:38

During the day, it vacillated between 10,699.70 and 10,790.45.

The benchmark index of Bombay Stock Exchange (BSE) slipped on Wednesday by 156.06 points to end the volatile session on a negative note at 35,387.88 due to political uncertainty in Karnataka and subdued cues from Asian peers. But the initial euphoria among Dalal Street traders faded as talk of a Congress-JD (S) alliance gained momentum, pulling the index down to close in the red. The BJP hasn't given up as yet. However, the overall range as compared to the previous session was a bit small.

On the other hand, the S&P BSE auto index plunged 349 points, followed by the oil and gas index, which declined by 232.75 points and the auto index that ended 76.14 points lower. However, emergence of strong buying around day's low resulted in a v-shaped recovery in the subsequent hours.

The stock closed at Rs 75.55 - down Rs 10.45 or 12.15 per cent - from the previous close of Rs 86 per share. Nifty had reclaimed the key 10,900-mark to touch a high of 10,929.20. Apart from this, stellar moves being witnessed from the marquee FMCG counters. The sensex hit an intra-day high of 35,994, up about 440 points, before sinking to a low of 35,498 (a swing of 496 points in all ) and finally closing 13 points lower at 35,544.

In the early morning trade, the benchmark BSE Sensex rose 260.94 or 0.73 per cent to trade at 35,817.65. Shares of ADAG stocks were trading lower for the second straight day.

Shares of Reliance Communication tanked 16% today following news that the National Company Law Tribunal (NCLT) has accepted a petition from the Indian unit of network-equipment maker Ericsson AB. Like BSE stocks, NSE stocks are also measured based on different factors such as market capitalization.

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Narayana Hrudayalaya Limited operates a network of hospitals. The tribunal admitted the petition on Tuesday which could potentially result in delaying RCom's plans to sell assets to lighten its debt load.

On the currency front, the Indian rupee strengthened by 72 paise against the USA dollar to 67.80, from its previous close at 68.08 per greenback.

Globally, the dollar inched broadly higher, as traders once again focused on likely interest-rate differentials across the developed-market currency matrix.

Meanwhile, foreign portfolio investors (FPIs) bought shares worth Rs. 717.99 crore on a net basis, while domestic institutional investors (DIIs) bought equities to the tune of Rs. 687.23 crore yesterday, provisional data showed.

The BJP was leading in 120 seats while the ruling Congress was in the front in 59 constituencies in Karnataka, according to early trends.