Sensex down 95 pts, Nifty below 10750 in late morning trade

Pauline Gross
May 18, 2018

On a weekly basis, the Sensex lost 687.49 points, or 1.93 per cent, while the Nifty tumbled 210.10 points, or 1.94 per cent - their biggest fall since the week ended March 9.

Stocks suffered modest losses as Brent crude oil prices moved nearthe United States dollars 80 per barrel mark as supplies tightened and demand remained strong.

"Whether or not the BJP forms a government in Karnataka, the swift alliance between Congress and JD (S)-to keep the BJP out of power-is a stark reminder of the coming threat from a third front coalition of disparate regional parties in the 2019 general elections".

Meanwhile, the benchmark BSE Sensex rose 122.13 points, or 0.34 per cent, to 35,510.01 in morning trade.

The Nifty of National Stock Exchange (NSE) too fell by 58.40 pointsto 10,682.70. During the session, it moved between 10,589.10 and 10,674.95.

Mumbai: The equity markets closed lower for the second consecutive day as the lingering uncertainty over the composition of the next government in Karnataka along with weakness in global stocks impacted sentiments.

"As on date Q4 results came below estimate which may cause downgrade in FY19 estimates".

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Indian markets could continue to be volatile in the short term on the back of rising oil prices.

After easing for three months, India's retail inflation shot up to 4.58 per cent in April, which may turn the Reserve Bank of India more hawkish.

So far, the major gainers on the BSE were Coal India, Tata Motors, Wipro, Tata Motors (DVR) and Hindustan Unilever, while Tata Steel, HDFC, Dr Reddy's Lab, Bharti Airtel and Reliance Industries were the major losers.

The sectoral indices like Materials, FMCG, Finance, Bankex and Powerfell that pulled the market down today.

Overseas, other Asian markets were mixed amid caution over developments in US-China trade negotiations.

Hong Kong's Hang Seng advanced 0.22 percent while Japan's Nikkei was up 0.25 percent in early trade. The Bank Nifty fell 0.41%.

Other reports by GizPress

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