Karnataka uncertainty makes Sensex end in red

Want to invest in equities this week these four stocks can be good bet

Want to invest in equities this week these four stocks can be good bet

No let-up in selling by foreign funds and surging crude oil prices in global markets dragged down the key indices. Whether or not the BJP forms a government in Karnataka, the swift alliance between Congress and JD (S) to keep the BJP out of power is a stark reminder of what could transpire going into 2019 general elections as a number of disparate regional powers with different priorities may come together to form a non-BJP coalition.

Trend at other Asian markets, however, was better as investors kept a cautious watch on developments in US-China trade negotiations.

Brokers said investor sentiment was subdued following uncertainty over government formation in Karnataka, which has thrown up a hung verdict.

At 09:22 am, the S&P BSE Sensex was trading 120 points lower at 35,029.39. The benchmark BSE Sensex cracked 301 points or 0.86 per cent to end at 34,848, while the broader NSE Nifty lost 86 points or 0.81 per cent to close at 10,596. However, it tumbled to 35,087.82 in a sudden late-session sell-off, before finally ending at 35,149.12, down 238.76 points, or 0.67%.

Sectoral indices led by IT, Teck, capital goods, oil and gas, banking and PSU were trading in the red.

However, Coal India rose 2.53%, Sun Pharma 1.75%, Tata Motors 1.53%, Wipro 1.15%, Bajaj Auto 0.94%, ONGC 0.91%, HDFC Bank 0.15%, Maruti Suzuki 0.14% and SBI 0.06%.

Voltas dropped as much as 8.3 per cent in early morning trade after the air conditioners maker on Thursday reported a 3 per cent fall in its consolidated net profit to Rs 194.19 crore for March quarter as compared to Rs 200.47 crore in the corresponding period a year ago. The Dow Jones Industrial Average, however, ended 0.22 per cent lower in yesterday's trade.

Scrip-wise, fraud hit Punjab National Bank's (PNB) stocks slumped around 14 per cent (intra-day) on Wednesday, a day after the bank reported a loss of over Rs 13,000 crore for the fourth quarter of 2017-18.

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