Markets Live: Sensex slumps over 400 points from intraday high of 35,993

Sensex gainers, losers

 

BSE sectoral indices

 

 

Closing bell

The Sensex slumped by 437 points from intraday high of 35,993.53 after the main Opposition Congress party said it would form an alliance with the Janata Dal (Secular) party to rival Prime Minister Narendra Modi's Bharatiya Janata Party in the Karnataka Assembly elctions.

BJP looked set to win the largest number of seats in the Assembly elections in the State, which would give Modi momentum for a re-election bid next year and open the path for more reforms, which investors view as a positive for markets.

Click here to view the election results

The broader NSE index closed down 4.75 points or 0.04 per cent at 10,801.85, while the benchmark BSE index ended 12.77 points or 0.04 per cent lower at 35,543.94. Earlier in the session, both indexes rose over 1 per cent to hit their highest in more than three months. Nifty's intraday high was 10,926.60.

Tata Motors Ltd led losses on both indexes, falling as much as 5.5 per cent to its lowest in over 2 years, before ending 4.2 per cent lower.

Congress in talks with JD (S) to form govt

In a surprise turn of events, the Congress said today it will extend support to the JD(S) in forming the next government in Karnataka where the election is likely to throw up a hung Assembly.

 

Chief Minister Siddaramaiah told reporters after a meeting with central Congress leaders, including Gulam Nabi Azad, that the party will back the JD(S) in forming the government. It was not yet clear if the Congress would extend support from outside or be part of the new government. Click here to view the election results

 

After soaring over 436 points in early trade, the Sensex slipped into the negative territory towards the fag-end as poll trends indicated that the BJP fell short of simple majority in Karnataka.

The Sensex gave up all its gains and was trading down by 2.74 points at 35,553.97 as reports said that the Congress would offer support to the JD(S) to form the government in Karnataka.

As per latest poll trends, the BJP was leading in 108 seats, while Congress was ahead on 73 and JD(S) on 38.

Investors, who had created huge position after early trends on hopes of BJP win, trimmed their bets after the saffron party seat prospects shrank.

The 30-share BSE index hit a high of 35,993.53 in the morning trade. Later, it met with profit-booking at higher levels and slipped into the negative zone.

The 50-share Nifty reclaimed the key 10,900-mark to touch a high of 10,929.20 in initial trade, but was trading down 4.2 points or 0.04 per cent at 10,802.40.

 

 

 

Emerge platform

Spurred by investor interest, the number of listed firms on NSE’s small and medium enterprise platform reached 150, raising Rs 2,221 crore via an initial public offer. Read more

 

 

 

 

 

Sensex gainers, losers

Nifty gainers, losers

 

 

Domestic indices fell sharply from intraday high as the Karnataka election trends show that the BJP is still short of majority to form the government. Congress and JD (S) is leading in 116 seats and BJP in 104 seats. Mininium seats needed to form the government is 112.

According to sources, JD(S) is ready to ally with Congress if given chief minister post.

The BSE index was trading higher by 84.57 points or 0.24 per cent at 35,641.28 and the NSE index Nifty up 18.85 points or 0.17 per cent at 10,825.45. The Sensex touched intraday high of 35,993 and the Nifty hit 10,926.

 

NCLAT directive to Binani Cement

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Nifty 50 May Futures (10,870)

Traders with a short-term perspective can go short if the contract declines further below 10,850 levels with a fixed stop-loss.  Click here to read more

 

 

'Modi win in 2019'

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NCLT approves Tata Steel's bid

The National Company Law Tribunal has approved Tata Steel’s bid for debt-ridden Bhushan Steel. It has also dismissed a plea filed by the employees of Bhushan Steel opposing Tata Steel’s bid and imposed a fine of Rs 1 lakh. Read more

 

 

Sensex gainers, losers

Top five Sensex gainers were Tata Steel, PowerGrid, Kotak Bank, HUL and YES Bank, while the major losers were Tata Motors, Sun Pharma, Coal India, ITC and ICICI Bank.

 

 

Karnataka poll trends

As per poll trends available for 220 out of 222 seats, BJP is leading in 114, Congress 64, JD(S) 40 and others 2.

Dalal Street rejoiced the Karnataka poll results with the Sensex trading higher by 206.14 points or 0.58 per cent at 35,762.85 and the Nifty up 57.6 points or 0.53 per cent at 10,864.20.

The Bharatiya Janata Party is set to form the government in Karnataka as per latest Karnataka Assembly election result 2018, emerging as the single-largest party to wrest the southern citadel from the Congress, which is now in power only in three states.

 

 

PowerGrid hits over 6-month high

Shares of PowerGrid hit over 6-month high, and according to technicals, more upside is seen. The stock rose as much as 3.32 per cent to Rs 216, highest since November 3, 2017.  Read more

 

HUL hits 52-week high

Shares of Hindustan Unilever climbed more than 2 per cent and touched their 52-week high level as the company has posted strong earnings for the quarter ended March. Read more

 

BJP workers celebrating at the party's headquarters in New Delhi.

 

 

 

 

 

Sensex gainers, losers

 

BSE sectoral indices

Metal, banking, infrastructure and capital goods gained the most between 1.2 and 1.5 per cent.

 

 

 

BJP workers celebrating at the party's headquarters in New Delhi.

NSE gainers, losers

 

NSE sectoral indices

 

 

Election trends

 

Karnataka election results

​The BJP is likely to form the next government on its own in Karnataka. It now leads in 115 seats. Click here to read more

Rupee recovers sharply

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.  Read more

 

 

The Sensex soared 436.82 to an intraday high of 35,993.53 and the Nifty surged 121.3 points to a high of 10,928 as the BJP is leading in 112 seats, Congress 66, JD (S) 43 and others 1 in Karnataka Assembly elections.

 

 

 

 

The Sensex soared over 420 points as BJP has emerged as the single-largest party in Karnataka elections with its candidates leading in 115 seats, Congress 61, JD(S) 44 and others 2.

Click here to view the election results live

 

 

 

The Sensex surged over 250 points as the BJP has emerged as the single-largest party with its candidates leading in 109 constituencies, Congress 60, JD(S) 46 and others 2.

The Sensex was trading higher by 268.43 points or 0.75 per cent at 35,825.14 and the Nifty up 71.70 points or 0.66 per cent at 10,878.30.

Sensex gainers, losers

Nifty gainers, losers

 

 

 

The BJP has taken a major lead in Karnataka elections with its candidates leading in 100 seats, Congress in 78 seats, and JDS in 40 seats.

 

 

 

 

The Sensex jumped nearly 200 points as the Bharatiya Janata Party in leading in 98 constituencies, Congress 58, JD(S) 42 and others 2 in Karnataka Assembly elections.

 

The Sensex opened up by 16.06 points at 35,572.77 against the previous close of 35,556.71 and the Nifty up 6 points at 10,812.60 against 10,806.60.

Karnataka election results

BJP ahead as counting picks up pace. The party is leading in coastal Karnataka and Bombay Karnataka. Click here to read more

 

Benchmark indices opened the session on a flat note. The Sensex opened up 23.14 points or 0.07 per cent at 35,579.85 and the Nifty up 0.1 point or 0.00 per cent at 10,806.60.

Day Trading Guide

Given below are supports and resistances for Nifty 50 futures and seven key stocks that can help in your intra-day trading:

₹2021 • HDFC Bank

 

₹1189 • Infosys

 

₹284 • ITC

 

Click here to view the full guide

Today's stock pick

 Praj Industries (₹99.9)

Investors with a short-term perspective can buy the stock of Praj Industries at current levels. Read more