Sensex today: Index ends flat ahead of Karnataka elections outcome; PC Jeweller tanks 11%

Markets twiddle Their Thumbs Ahead Of Karnataka Results: HDFC Securities

The Nifty moved in a small range during the trading hours to close unchanged at 10,806. While the large caps were neutral, the Small Cap and Medium Cap Indices closed 1.5% and 1.3% respectively. The Realty sector fell the most, 1.02% , while autos reversed 0.92%. Bank Nifty  gained 0.13%. The advance decline ratio continued to be weak. Once can expect volatility tomorrow as results hit the TV screens. A BJP majority is not priced in and neither is a Congress win.

Markets at Close

The Sensex ended at 35,556, up 20.92 points, while the broader Nifty50 closed at 10,806, up 0.10 points.

Sensex heatmap at close

Source: BSE

This Chinese state-run bank has just launched India-dedicated investment fund

A state-run Chinese bank has launched the country's first India-dedicated publicly offered investment fund, saying the Indian market offers the best opportunity for Chinese investors due to the prospects of double-digit growth.  The fund, named the Industrial and Commercial Bank of China (ICBC) Credit Suisse India Market Fund, will "invest in exchange-traded funds listed on more than 20 exchanges in Europe and the US that are based on the Indian market". 

It is China's first publicly offered fund for investing in India, state-run Global Times reported.

Markets slip in red

At 2:37 pm, the Sensex was trading at 35,484, down 51.68 points, while the broader Nifty50 was ruling at 10,780, down 26.15 points.

This stock surged 13% in just a day! It has IPL connection too

The week started off with a bang for this company's stock in the markets as investors chased it with gusto! Sun TV share price zoomed 13 per cent in Monday's trade amid lacklustre trend in broader markets. This was after the broadcaster Sun TV Network reported a 22.82 per cent increase in net profit at Rs 289.76 crore for the fourth quarter ended March 31, 2018. The company had reported a net profit of Rs 235.91 crore during the corresponding quarter last year.

Inflation rises in April

Wholesale inflation rises to 3.18 per cent in April, from 2.47 per cent in March: Govt data

Dena Bank share price plunges 12% after RBI puts restrictions on fresh lending, hiring

Dena Bank share price on Monday plunged over 12 per cent after the Reserve Bank of India restricted bank from assuming fresh credit exposure and recruitment of staff. The stock tanked as much as 12.46 per cent to Rs 18.45 on the BSE. 

The RBI on Saturday initiated prompt corrective action against Dena Bank in view of high non-performing loans, restricting the bank from giving fresh credit and new hiring. The restriction came a day after the public sector lender reported widening of its net loss to Rs 1,225.42 crore in the March quarter on mounting bad loans and higher provisioning to cover them.
 

Petrol, diesel fuel prices hiked 17p, 21p respectively, HPCL, BPCL, IOC share prices rally 4%

HPCL, BPCL, IOC share prices gained up to 4 per cent as the oil marketing companies hiked petrol and diesel prices for the first time since April 24 after teh conclusion of the Karnataka election voting. Petrol price was today hiked by 17 paise a litre and diesel by 21 paise as PSU oil firms began passing on the spike witnessed in international rates to consumers. 

HPCL share price rallied nearly 4 per cent to Rs 330.05 on the BSE. IOC share price gained 2.39 to Rs 173.45, while BPCL share price added 2.67 per cent to Rs 410.05. On a year-to-date basis, the stocks fell up to 23 per cent as investors feared no hike in oil prices in tandem with global oil prices will create margin pressure on PSUs. 

Macro Watch

Industrial output growth fell to a five-month low of 4.4 per cent in March due to a decline in capital goods production and deceleration in mining activity and power generation, according to official data released after market hours on Friday. Inflation data will be released later today.

Fast Money: 20 best calls for Intra-day @ May 14, 2018

Who will win Karnataka election? Have a look at exit poll results

Petrol price in India hiked after Karnataka elections; check Delhi, Mumbai prices here

Petrol price in India today: As was widely expected, the petrol and diesel prices have finally gone up for the first time since April 24. The gains came right after polling in Karnataka elections concluded on Saturday. state-owned Oil companies IOC, BPCL and HPCL kept petrol rates unchanged for more than three weeks now in various state capitals even as global crude oil prices surged to multi-year highs. 

OMCs had been mandated for daily revision in fuel prices since June 2017 in tandem with rise or fall in Brent crude price. 

Markets Breadth

Market breadth, indicating the overall health of the market, turned positive. On the BSE, 770 stocks rallied, 661 stocks declined, while 55 stocks remained unchanged. 

Broader markets

In the broader market, the BSE Midcap was little changed, while the BSE Smallcap gained marginally, up 0.1 per cent. 

Markets trade flat at open

The benchmark indices on Monday opened flat a day ahead of Karnataka elections outcome. The Sensex ended at 35,553, up 17.69 points, while the broader Nifty50 closed at 10,811, up 4.90 points.

Rupee outlook: Rising oil prices to weaken currency, seen above 66.70 this week

Rising global crude oil prices and consistent outflow of foreign funds from the Indian equity market is expected to further weaken the Indian rupee, an official said on Sunday. According to Anindya Banerjee, Deputy Vice President for Currency and Interest Rates with Kotak Securities, the Indian rupee has been one of the worst performing currencies in the EM (emerging markets) basket. 

"Going forward, if oil prices continue to move higher, we can see rupee trade above 68 against the US dollar," Banerjee said. 

Rupee at Open

Rupee opens at 67.24 per dollar against Friday's close of 67.32 per dollar

Crude oil prices ebb from multi-year highs on surge in US drilling, Iran sanctions opposition

Oil prices on Monday fell away from last week’s multi-year highs as a relentless rise in U.S. drilling activity pointed to increased output, while resistance emerged in Europe and Asia to U.S. sanctions against major crude exporter Iran. Still, crude prices remained near more than three-year-highs reached last week as markets expect Iran’s oil exports to fall significantly once U.S. sanctions bite later this year.

Brent crude futures were at $76.79 per barrel at 0229 GMT, down 33 cents, or 0.4 percent from their last close.

Asian markets up on US-China thaw, Malaysian shares bounce, ringgit falls

Asian shares shot up to near two-month highs on Monday on signs the United States and China were toning down their trade war rhetoric, while Malaysian Ringgit hit a four-month trough in the first onshore trade since a shock election result last week. Veteran Mahathir Mohamad came out of political retirement to lead the opposition Pakatan Harapan (Alliance of Hope) to a stunning victory over a ruling party he had once led, defeating prime minister Najib Razak, a former protege he had accused of corruption.

Some investors were concerned that populist promises such as repealing an unpopular goods and services tax and restoring a petrol subsidy could undermine the country’s economic prospects.

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