Exit polls to vex Indian markets as majority seen eluding Modi
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.
In a surprise turn of events, the Congress said it would extend support to the Janta Dal (Secular) in forming the next government in Karnataka.
Experts largely believe that a finally tally that leaves the BJP just short of the majority mark is good for the market. State poll results can be presumed to be harbinger for 2019 elections, which is why the market is rejoicing.
"The market will react to the outcome of Karnataka elections and the immediate reaction would be on the downside in case of a hung assembly".
He feels the markets will now be more reactive to the worldwide cues, which are a matter of concern specially the rising crude and dollar.
Both indexes gained more than 1 percent to hit their highest levels since early February. It was down 59 paise to close at 68.11 a dollar. Public finances may also remain under pressure before the 2019 election as the government could seek to boost its popularity with increased spending.
The rupee declined by 28 paise to a fresh 16-months low of 67.79 against USA dollars in early trade today amid gains in the United States currency overseas. Brent crude, used to price global oil, gained 77 cents to $79.00 a barrel in London.
Globally, Asian markets ended mixed and European markets opened lower.
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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.
PowerGrid, Tata Steel, Hindustan Unilever and ONGC were gaining the most while Tata Motors was bleeding the most.
Avenue Supermarts gained four percent as the stock will be added to the MSCI India Index with effect from June 1. The stock ended marginally higher on the NSE.
Dena Bank and Allahabad Bank fell 6-9 percent after the Reserve Bank of India barred these lenders from giving fresh loans.
The bank had reported a standalone profit of Rs 261.90 crore in the fourth quarter of 2016-17. The stock now has a 52-week low of 23.8 and high of 41.7.
PNB shares ended lower by 3.80 per cent to Rs 86 a unit.
Fortis Healthcare Ltd shares rose as much as 4.2 percent after Manipal Hospital and private equity firm TPG Capital Management sweetened their bid to buy Fortis.
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