Markets end lower as Karnataka gets a hung assembly

Nath Bio-Genes (NATHBIOGEN) Dipped -1.32% on May 15

The barometer Sensitive Index (Sensex) of the BSE, which opened at 35,555.83 points, closed at 35,556.71 points - up 20.92 points or 0.06 per cent - from its previous day's close.

The Nifty slumped 147.8 points or 1.35 per cent from its days high and finally ended the day at 10,801.85, down 0.04 per cent or 4.75 points.

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As per the latest results from the Election Commission, the Bharatiya Janata Party (BJP) has marked a lead on 95 seats while Congress is trailing in far second with a lead on 47 seats.

NSE benchmark Nifty shed its early strong gains to end nearly flat after the BJP fell short of a simple majority in Karnataka elections.

The 30-share Sensex surged over 436 points in early trade and the NSE Nifty soared almost 128 points before making a U-turn. Later, it met with profit-booking at higher levels and slipped in the negative zone, falling 58.79 points, or 0.16 per cent to trade at 35,497.92.

"Early trend shows that the possibility of hung assembly has reduced".

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Earlier in the session, both indexes rose over 1 percent to hit their highest in more than three months.

The Indian currency had lost 18 paise to end at 67.51 against United States dollar in Yesterday's trade.

The top losers were Mahindra and Mahindra, down 2.17 per cent at Rs 850.10; Tata Motors (DVR), down 2.05 per cent at Rs 190.90; Tata Motors, down 2 per cent at Rs 324.15; Yes Bank, down 1.51 per cent at Rs 344.65; and Bharti Airtel, down 1.09 per cent at Rs 381.50 per share.

Overseas, markets in Asia were trading mixed as investors assessed the outlook for trade relations between the U.S. and China and tensions in the Middle East.

Most Asian stocks fell as investors remained cautious about key economic and political risks, while supply concerns kept crude oil prices near 3-1/2-year highs.

A slew of domestic and external factors has made the fundamentals unfavourable for the rupee, including a massive trade balance deficit and a declining level of foreign direct investment (FDI). The bank is expected to post a massive loss, reported Mint. The rupee had weakened to a 16-month closing low of 68.15 per dollar on Tuesday, but after the latest round of suspected central bank support it had bounced back to 67.80, despite the dollar's strength on global markets.

The rupee sharply retraced all its losses to rise to the day's high of 67.5350 to the dollar, after falling to 67.7975 in early trade, its weakest since January 31, 2017.

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