Surprise Twist In Karnataka Elections Deflates Sensex Rally: 10 Points
- In the near term, volatility will persist until there is certainty of who forms the government in Karnataka, says a market analyst.Â
- Pharma, auto and capital goods stocks led the losses today.
- Among Nifty 50 stocks, Tata Motors slumped over 4 per cent while SBI and Coal India fell over 2 per cent.
- Among gainers, Tata Steel, TCS, Power Grid and Bajaj Finance rose between 1.5 per cent and 2.5 per cent.Â
- VK Sharma, head private client group & capital market strategy at HDFC Securities, said the Karnataka elections will be soon behind for markets. "The markets will now be more reactive to the international cues, which are a matter of concern specially the rising crude and dollar," he said.
- Kotak Institutional Equities said that market's focus will increasingly shift to macro and earnings. Inflation data released on Monday showed that retail inflation accelerated in April to 4.58 per cent, after easing for three straight months, mainly driven by faster hikes in fuel prices.
- Devendra Kumar Pant, chief economist at India Ratings, said: "It is difficult to state whether or not the Reserve Bank of India will change rates based on these numbers. As long as inflation is hovering between 3.5 per cent and 4.5 per cent, I do not expect the RBI to intervene."
- Hindustan Unilever ended 0.7 per cent higher after the diversified consumer goods maker reported an about 14 per cent rise in profit on Monday, helped by higher sales in its home care business.
- Fortis Healthcare shares rose nearly 3 per cent after Manipal Hospital and private equity firm TPG Capital Management sweetened their bid to buy the hospital chain.Â
- The breadth of the market was negative with 1,611 stocks declining on the BSE and 1,028 advancing.
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