Sensex zooms as BJP leads in Karnataka elections 2018

FAST MONEY Nestle Titan among key intraday trading calls for today

Overseas, markets in Asia were trading mixed as investors assessed the outlook for trade relations between the U.S. and China and tensions in the Middle East. The rupee slid 0.5 percent to 67.82 per dollar, reversing a gain of 0.1 percent.

In the early trade the BSE Sensex soared upto 436 points. Karnataka assembly election was considered as the first semi final ahead of the 2019 general election.

At the same time, the market will try to focus back on macro and micro economic parameters which have been unpleasant in the recent time, he said. If Congress and BJP fail to form the government, then an alliance with JD (S) will be required for the formation of next state government. Janata Dal (Secular), a regional party led by former Prime Minister H.D. Deve Gowda, was ahead in 37 seats in the state, which has a population equivalent to that of France. Markets will cheer an outright win for BJP as a vindication of a slew of reform measures - including a nationwide sales tax and a funding plan for state-owned lenders - that prompted the first sovereign rating upgrade from Moody's Investors Service in 14 years. The Congress was able to retain 78 assembly seats with JDS winning on 38 seats. JD (S) had won 33 seats and was leading on 4.

It touched a high of 35,993.53 points and a low of 35,497.92 during the intra-day trade. The gauge had gained 310.44 in the previous two sessions.

The broader Nifty-50 index too trading at 10,929.20, up 122.60 points, or 1.13 per cent. Tata Motors (4.29%), Coal India (2.11%) and SBI (1.87%) were the top Sensex losers.

In 2017, Gujarat Assembly elections, After the first hour of trading, M&M, Adani Ports, Tata Steel, and HDFC Bank were trading with 1.92 percent, 1.81 percent, 1.75 percent and 1.33 percent, higher. South Korea's Kospi slipped 0.7 percent to 2,458.54 while Hong Kong's Hang Seng dropped 1.2 percent to 31,152.03. Sector-wise, healthy buying was witnessed in banking, capital goods, metals, consumer durables and automobile stocks.

France's CAC 40 inched up 0.2 percent to 5,548, while Britain's FTSE 100 rose by the same rate to 7,726. The company has market cap of INR5.52 billion.

Meanwhile, scam-hit Punjab National Bank (PNB) today posted a loss of Rs 13,416.91 crore for the January-March period, mainly on account of high provisioning for bad loans.

The bank had reported a standalone profit of Rs 261.90 crore in the fourth quarter of 2016-17.

Globally, Asian markets ended mixed and European markets opened lower.

MSCI's broadest index of Asia-Pacific shares outside Japan fell 0.8 per cent.

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