Sensex loses over 125 points; Nifty touches below 10700-mark
18 May, 2018, 16:15 | Author: Bert Pena
On the currency front, the Indian rupee strengthened by 72 paise against the U.S. dollar to 67.80, from its previous close at 68.08 per greenback.
Stocks suffered modest losses as Brent crude oil prices moved nearthe Dollars 80 per barrel mark as supplies tightened and demand remained strong.
The index opened on an uptrend after BJP was called to form the government in Karnataka and B S Yeddyurappa was sworn in as chief minister of the state for the third time.
Besides domestic cues, Abhijeet Dey, Senior Fund Manager, Equities at BNP Paribas Mutual Fund said that stock markets in India were impacted by weak USA and Asian shares. "Even the political situation could keep traders on their feet post whatever happened in Karnataka", he added.
Index-wise, the wider 50-scrip Nifty of the National Stock Exchange (NSE) closed at 10,741.10 points - down 60.75 points or 0.56 per cent from the previous close of 10,801.85 points. Amongst the global indices, the Asian and European markets traded on a mixed note.
The BSESensex plunged 239 points to end at 35,149.12, while the NSE Nifty tumbled 58.40 points to 10,682.70.
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The 30-share Sensex surged over 436 points in early trade and the NSE Nifty soared almost 128 points before making a U-turn.
Similarly, the Sensex fell 495.61 points or 1.37 per cent from its intra-day high to close the session at 35,543.94.
Besides, the BJP forming the government in Karnataka and a higher opening in domestic equity market supported the rupee, forex dealers said.
On the sectoral front, PSU banks dropped by 3.05 per cent, energy 1.70 per cent, banks 1.10 per cent, finance service 1.03 per cent, private bank 0.92 per cent, infra 0.54 per cent, metal 0.41 per cent and auto 0.20 per cent.
Japan's Nikkei was up 0.2 per cent. The Dow Jones Industrial Average, however, ended 0.22 per cent lower in yesterday's trade.
In Europe, Frankfurt's DAX fell 0.12 per cent, while Paris CAC shed 0.28 per cent in early deals.
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