Markets turn positive as BJP’s Yedyurappa takes oath as Karnataka CM

share on:
stock market

After falling for two days the domestic equity markets opened on a positive note in early trade today after BJP’s BS Yeddyurappa took oath as the chief minister of Karnataka.

Unabated buying by domestic institutional investors set the tone, brokers said.

Mr. Yeddyurappa was on Thursday took the oath as chief minister as election drama continues in Karnataka after an overnight high-voltage battle in the Supreme Court.

The 30-share BSE Sensex bounced 122.13 points (0.34 points) to 35510.01. Earlier the gauge had lost 168.83 points in the previous two sessions.

Sectoral indices led by realty, metal, consumer durables, power, and banking stocks were trading in green.

The broader NSE Nifty too rose 36.15 points (0.33 percent) to 10777.25.

Major gainers include Coal India, SBI, Wipro, Kotak Bank, Power Grid, Infosys, TCS, Sun Pharma, ICICI Bank, L&T, M&M and Maruti Suzuki, rising up to 1.79 percent.

However, Tata steel fell 0.83 percent despite the company on Wednesday reporting a consolidated net profit of Rs 14688.02 crore for the Q4 ending March FY18.

Meanwhile, on a net basis, Foreign Portfolio (FPIs) sold shares worth Rs 699.22 crore while Domestic Institutional Investors (DIIs) bought shares to the tune of Rs 229.06 crore on Wednesday, provisional data showed.

The rupee strengthened by 10 paise to 67.70 against the US dollar in early trade today on increased selling of the American currency by banks and exporters amid the greenback’s weakness against some currencies overseas.

Yesterday, the rupee had gained 27 paise at 67.80 against the US currency on suspected RBI intervention to stem further fall in the domestic currency.

In other Asian markets, Japan’s Nikkei rose 0.44 percent while China’s Shanghai Composite Index shed 0.35 percent in early deals.

The US Dow Jones Industrial Average ended 0.25 percent higher in Wednesday’s trade as retailers result and solid economic data boosted confidence in the American economy.

Also read: Lupin lose over 783 crore in the fourth-quarter

share on: