Sensex zooms 260 points as BJP takes the lead in Karantaka

Sensex zooms 260 points as BJP takes the lead in Karantaka

The barometer 30-scrip Sensitive Index (Sensex), which opened at 35,537.85 points, traded at 35,966.64 points - up 409.93 points or 1.15 per cent - from its previous session's close of 35,556.71 points.

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The BJP was leading in 110 seats while the ruling Congress was in the front in 68 constituencies in Karnataka, according to early trends. Markets could react positively if this trend gets confirmed later.

The Indian stock market is one of the fastest growing equity markets in the world today.

Markets ended marginally lower on Tuesday amid poll trends indicating that Karnataka may get a hung assembly.

Federal Bank (down 5.38 per cent) was the top losers in the private bank pack, followed by ICICI Bank (down 3.47 per cent) and South Indian Bank (down 2.29 per cent).

The NSE Nifty50 index was down 83 points at 10,718, while the BSE Sensex was 240 points down at 35,304. MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.07 per cent, on track for a third straight day of gains and within striking distance of one-month high.

Both indexes gained more than 1 percent to hit their highest levels since early February.

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On the currency front, the Indian rupee weakened by 19 paise to 67.52 against the United States dollar from its previous close at 67.33 per greenback.

Government data on Monday showed India's annual retail and wholesale inflation accelerated in April, mainly due to higher fuel and food prices.

Foreign portfolio investors (FPIs) bought shares worth a net Rs 717.99 crore while domestic institutional investors (DIIs) bought shares worth Rs 687.23 crore yesterday, as per provisional data.

Asian shares tracked signs the USA and China were toning down their trade war rhetoric, while the dollar dipped again as investors wagered on a slower pace of U.S. interest rate hikes.

Biggest gainers in the 30-share index were Tata Steel (2.29%), Power Grid Corporation Of India (2.22%), Tata Consultancy Services (1.41%), Asian Paints (0.89%), H D F C Bank (0.85%), and Hindustan Unilever (0.80%). Nifty50, after testing 10,100 level in morning trade, was trading near 10,400 level.

HDFC Bank Ltd gained over 2 percent to hit an all-time high. Bank Nifty is also slightly off day's low; immediate support is now placed at 25,950 levels.

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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