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MARKET WRAP: Cong-JD(S) alliance buzz in Karnataka keeps sentiment in check

SI Reporter/New Delhi 15 May 18 | 03:30 PM

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The markets pared gains to end in red after reports of Congress-JD(S) alliance in Karnataka. According to media reports, JD(S) has accepted Congress' proposal of making HD Kumaraswamy the state's chief minister.

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The S&P BSE Sensex ended at 35,544, down 13 points while the broader Nifty50 index settled at 10,802, down 5 points.

Trends suggest Narendra Modi-led Bharatiya Janata party (BJP) is leading , but is still short of majority in Karnataka

A high-stakes battle for the Karnataka Assembly ended on Saturday evening, with over 35 million voting in an election crucial for the ruling Congress as well as the BJP and the JD-S.

All three main contenders for power -- Congress, the Bharatiya Janata Party (BJP) and the Janata Dal-Secular (JD-S) -- claimed they would win hands down.

GLOBAL MARKETS

World stocks fell on Tuesday as investors digested soft Chinese economic data and a lack of progress in US-China trade talks, while a rise in US borrowing costs supported the dollar.

MSCI’s world equity index, which tracks shares in 47 countries, was down 0.3%. Europe’s benchmark Stoxx 600 was 0.1% lower while Germany’s DAX shed 0.2% as first-quarter economic growth in the country came in lower than expected.

MSCI’s broadest index of Asia-Pacific shares outside Japan fell 0.8%.

(with Reuters inputs)

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Sensex

Company Price Gain (%)
O N G C160.302.69
Asian Paints1,391.400.98
H D F C2,008.250.91
Yes Bank383.800.80
Hero Motocorp3,501.500.63

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