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Markets end lower as Karnataka gets a hung assembly

16 May 2018

The early trends suggested a hung Assembly when the BJP was ahead with 93 seats, Congress at 91 and JDS at 26. According to analysts, panic selling was witnessed in the later hours of the day's trade as the key indices ceded gains made during the morning session.

The party, however, fell a few seats short of the clear majority mark.

The benchmark Sensex came off almost 500 points from the day's high after the Bharatiya Janata Party (BJP) fell short of touching the majority mark, while the opposition parties scurried to stitch together a coalition.

The data released on Monday showing a rise in consumer price inflation and weakness in global stocks on account of weak economic data from China also impacted sentiments. The BSE market breadth was bearish with 1,616 declines and 1,024 advances.

The broader Nifty-50 index too trading at 10,929.20, up 122.60 points, or 1.13 per cent.

Lupin has posted a loss of Rs783.5cr for the quarter ended March 2018, due to one-time loss of Rs1,464cr on Gavis Group acquisition. Janata Dal (Secular) - a regional party led by former Prime Minister H.D. Deve Gowda - is ahead in 46 seats in the state, which has a population equivalent to that of France.

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Anand Shah, Deputy CEO and Head of Investments at BNP Paribas Mutual Fund India said that apart from the uncertainty in Karnataka's politics, the increase in inflation rate also caused concern among the investor community.

The Sensex, however, opened flat Sensex at 35,570 with all eyes on the outcome of the Karnataka assembly elections.

Meanwhile, on a net basis, Domestic Institutional Investors (DIIs) bought shares worth Rs 687.23 crore while Foreign Portfolio Investors (FPIs) sold shares to the tune of Rs 717.99 crore, provisional data showed.

Sector-wise, the S&P BSE IT, metal and Teck (technology, media and entertainment) indices made gains and rose by 63.13 points, 30.12 points and 23.33 points respectively.

Ashok Leyland (down 4.36 per cent), Tata Motors (2.07 per cent), Mahindra & Mahindra (1.68 per cent), Bosch (1.51 per cent) and Eicher Motors (1.41 per cent) all tripped, driving the sectoral index down.

The 30-share pack Sensex was trading at 1:40 PM with 242 points higher at 33,705.40 with Mahindra & Mahindra (up 2.50 percent) being the top gainer and Coal India (down 1 percent) the worst laggard.

Markets end lower as Karnataka gets a hung assembly