Market recovering post clarity in Karnataka

Sensex swings to counting trends

Stocks track poll trend

Mumbai- Uncertainty over the Karnataka government formation, along with high crude oil prices and outflow of foreign funds dragged the key Indian equity indices in the red on Wednesday.

At 1.23 p.m., the wider 50-scrip Nifty of the National Stock Exchange (NSE) was trading at 10,783.25 points - down 18.60 points or 0.17 per cent from the previous close of 10,801.85 points.

The 30-share index was trading lower in the morning by 245.23 points, or 0.69 per cent, at 35,298.71.

The Sensex fell 495.61 points or 1.37% from its intra-day high to close the session at 35,543.94.

The BSE market breadth was, however, slightly tilted towards the bulls with 1,400 advances and 1,227 declines.

"It was the second consecutive negative closing for the Nifty due to political uncertainty in Karnataka and subdued Asian markets", said Deepak Jasani, Head of Retail Research, HDFC Securities.

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The biggest declines on the BSE happened during the onslaught of the 2008 Global Financial Crisis and when the Chinese central bank had suddenly moved to devalue the yuan. Globally, most Asian markets fell after North Korea unexpectedly cancelled high-level talks with Seoul and threatened to call off the much anticipated summit with the USA, reigniting tensions on the peninsula.

Meanwhile, the Indian Rupee rose by five paise to trade at Rs.67.74 against one U.S. dollar.

The Small-Cap index edged up 0.06 per cent. Foreign portfolio investors (FPIs) net sold shares worth Rs 699 crore, while domestic institutional investors (DIIs) bought shares worth Rs 229 crore yesterday, as per provisional data.

Meanwhile, Bajaj Finance was the top gainer in Nifty, up 7.63 per cent followed by Bajaj Finserv, Coal India and Bharti Infratel, which gained over 2 per cent each.

Shares of SRS Limited (NSE:SRSLTD) last traded at 0.75, representing a move of -6.25%, or -0.05 per share, on volume of 1.95M shares.

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