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Market takes U-turn, slips into red on K'taka poll outcome

Wednesday, May 16, 2018

Equity benchmark indices Sensex and Nifty surrendered all their gains to end in the red today as investors resorted to fag-end selling after the BJP fell short of a clear majority in Karnataka elections.

Besides, weak Chinese economic data and a lack of progress on trade tariff issue between the US and China further hit investor sentiments. Adding to the woes, the rupee today plummeted by 52 paise in intra-day to trade at 68.03.

The BSE Sensex opened on a positive note today and gathered further strength as the day progressed after poll trends showed the Narendra Modi's BJP leading comfortably in counting of votes for Karnataka poll results.       

The 30-share Sensex surged over 436 points in early trade and the NSE Nifty soared nearly 128 points before making a U-turn.     

"Market has a good start led by positive impression of central ruling government in the Karnataka election, but lost its aura as lack of clear majority emerged by the end of the day. Whatsoever be the final outcome, this will give more depth to the market as concern over the performance of BJP in the next general election of 2019 will reduce," Vinod Nair, Head of Research, Geojit Financial Services Ltd, said.
 

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