Markets

Sensex ends lower; state election outcome weighs

Sensex ends lower; state election outcome weighs

Benchmark NSE Nifty trended down 81 points at 10,721 while the BSE Sensex slumped 234 points to 35,310. Minda Industries Limited now has a total float of 87.17M shares and on average sees 45,550 shares exchange hands each day.

The stock closed at Rs 75.55 - down Rs 10.45 or 12.15 per cent - from the previous close of Rs 86 per share.

The 50-share Nifty slipped 4.75 points to 10,801.85 on mild bouts of profit-booking after JDS-Congress alliance news trickled in, dragging the broading index lower albeit marginally. Declines were led by a selloff witnessed in banking and energy stocks, with the NSE sectoral indices ending 1 and 1.3 per cent lower respectively. Japan's gross domestic product dipped quarter-on -quarter by 0.2 percent and affected sentiments in Asian markets. 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 U.S., reigniting tensions on the peninsula.

"Much of such money had earlier gone into index and a few set of stocks, but mid and small cap indices looks to have caught up today, which is also a testimony of positivity by way of increased earnings visibility", James said.

Indian shares ended lower on Tuesday, dragged by bank stocks as uncertainties.

On the macro front, trade deficit widened to Dollars 13.7 billion in April, which further affected momentum.




The top losers were ICICI Bank, down 3.28 per cent at Rs 297.90; Reliance Industries, down 2.34 per cent at Rs 956.45; State Bank of India, down 2.19 per cent at Rs 243.15; Hero MotoCorp, down 2.10 per cent at Rs 3,576.40; and Adani Ports, down 1.19 per cent at Rs 403.90 per share. The stock, after making a weak opening, tanked 20 percent to Rs 9.95 on the BSE. The market capitalisation of listed firms on the NSE stood at Rs 1,47,45,721.30 crore. The tribunal admitted the petition on Tuesday which could potentially result in delaying RCom's plans to sell assets to lighten its debt load.

Additionally, a hung assembly in Karnataka kept the mood of the markets indecisive and spurred a risk-off sentiment in the market, Dey added.

Meanwhile, the rupee recovered from the opening level of 68.14 and was trading at 67.86 against the USA dollar on a likely intervention from the RBI in early trade.

Earlier in the day, both the Nifty and Sensex surged over 1 per cent each amid expectation that the BJP would form the government on its own after initial counting showed the saffron party securing clear lead over the ruling Congress.

Overseas, shares in Europe were trading higher as investors monitored surging interest rates in the bond markets.