Sensex zooms as BJP leads in Karnataka elections 2018

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The barometer 30-scrip Sensitive Index (Sensex), which opened at 35,537.85 points, traded at 35,966.64 points - up 409.93 points or 1.15 per cent - from its previous session's close of 35,556.71 points.

The Nifty is trading at 10,754.60 points in the morning.

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Karnataka Assembly elections results will be declared tomorrow, with most exit polls predicting a tight race between the ruling Congress and the Bharatiya Janata Party (BJP).

"Going by last few weeks' trends, markets were factoring in a decisive win for the BJP".

The Indian stock market is one of the fastest growing equity markets in the world today.

On the sectoral front, PSU bank fell by 2.37 per cent, realty 2 per cent, auto 0.77 per cent, media 0.74 per cent, pharma 0.72 per cent, energy 0.33 per cent, FMCG 0.30 per cent, infra 0.29 per cent. The 30-share BSE Sensex was up 351.17 points or 0.99 percent at 35,907.88, and the 50-share NSE Nifty rose 93.30 points or 0.86 percent to 10,899.90.

Both indexes gained more than 1 percent to hit their highest levels since early February.

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The Indian currency had lost 18 paise to end at 67.51 against U.S. dollar in Yesterday's trade.

In terms of investments, provisional data with the exchanges showed that foreign institutional investors bought scrips worth Rs 717.99 crore and the domestic institutional investors purchased stocks worth Rs 687.23 crore.

Shares of IDFC Bank (down 0.98 per cent), Axis Bank (down 0.55 per cent), RBL Bank (down 0.40 per cent), IndusInd Bank (down 0.38 per cent), Kotak Mahindra Bank (down 0.30 per cent), HDFC Bank (down 0.19 per cent) and YES Bank (down 0.10 per cent) were also under pressure.

U.S. stock indices posted modest gains yesterday, with the Dow ending higher for the eighth session in a row on signs of easing trade tensions between the USA and China.

Consequently, the NSE Nifty50 closed flat at 10,806.60 points.

The report states, "We expect the market to take a BJP victory positively; however, a narrow Congress victory will not lead to a great deal of consternation among market participants with six months to go for the next state elections and 12 months for general elections". The rupee had weakened to a 16-month closing low of 68.15 per dollar on Tuesday, but after the latest round of suspected central bank support it had bounced back to 67.80, despite the dollar's strength on worldwide markets.

On Monday, the Sensex closed about 21 points higher after early gains were erased due to a sell-off by shareholders ahead of the result of Karnataka assembly elections.

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