Market Highlights-Karnataka Election Results: BJP at 104; Sensex ends in red; rupee tumbles 44 paise vs USD

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Updated: May 15, 2018 4:21:12 PM

Share Market Live Update: As Karnataka Election 2018 Results date dawns, the counting has more or less put an end to the month-long anticipation, with the trends putting BJP firmly in the lead. The outcome from Karnataka Election results, being declared today, 15 May 2018, will likely chart the stock market direction ahead from present levels.

Share Market Live: Karnataka Elections results will be announced today, 15 May 2018.

Share Market Live Update: As Karnataka Election 2018 Results date dawns, the counting has more or less put an end to the month-long anticipation, with the trends putting BJP firmly in the lead but away from majority. The outcome from Karnataka Election results, being declared today, 15 May 2018, will likely chart the stock market direction ahead from present levels. Market participants and investors all across have been keenly awaiting the Karnataka Elections 2018 results as this Assembly election will be an acid test for Narendra Modi-led BJP (Bharatiya Janata Party) before the 2019 Lok Sabha Elections.

Check Karnataka election result LIVE

In the Karnataka Assembly Elections 2018 results today, Narendra Modi-led BJP’s B S Yeddyurappa and Rahul Gandhi-led INC (Indian National Congress) Siddaramaiah (current CM of Karnataka) fate will be decided.

Check Karnataka elections full list of winners

In the Karnataka Elections 2018, a vote count of 72.13% was seen, which was the highest since 1952 assembly polls. Indian stock markets finished on a flatter note on Monday with the headline indices Sensex and Nifty settling just in green. Earlier on Friday last week, Sensex and Nifty concluded at their respective 3-month highs.

Why winners may be losers in Karnataka’s Catch 22 endgame

Track the live updates from Indian Stock Markets here

BJP at 104 (Won-75; Leading-29) | INC at 78 (Won-44; Leading-34) | JD(S) at 37 (Won-20; Leading-17); Others at 3 (Won-2; Leading-1) | Rupee down 44 paise at new 16-month low 67.95 against USD

3:30 pm: Closing Bell! Indian stock market fades at the finish as INC and JD(S) combined overtook BJP’s seat share in Karnataka Elections, up until now. The benchmark Sensex closed down 12.77 points or 0.04% at 35,543.94 whereas NSE Nifty settled at 10,801.85, down by 4.75 or 0.04% on Tuesday as the final results of Karnataka Elections are yet to be declared.

Shares of Tata Steel, Power Grid emerged as the top gainers while shares of Tata Motors, Coal India, SBI were the major losers among the constituents of BSE Sensex. At the closing on Tuesday, out of the total 2,779 traded companies, 1,025 shares advanced, 1,614 scrips drop whereas 140 ended unchanged.

Shares of Adani Transmission, PFS, Allahabad Bank, NCC and RCom were the biggest losers among the deck of 300 shares of group ‘A’ declining 7-11% while Dr Lal PathLabs, Mphasis, Dilip Buildcon, DMart gaining 4-10%.

3:15 pm: According to latest data on Election Commission of India, counting on 122 out of 222 seats contested have been completed. Following which BJP has won 67 and leading in 37; Congress has won 38 and was leading in 38; JD(S) has won 15 and was leading in 24 while other parties have won 2 seats and were leading in 1. Indian stock markets are headed for a choppy close as Modi’s BJP was seen eluding majority government in Karnataka. However, trends reversal might be seen as several candidates were leading with marginal counts.

Market Check: Sensex at 35,578.84, up by 22.13 points | Nifty at 10,808.6, up by 2 points | SGX Nifty at 10,814.5 up by 5.5 points

2:50 pm: As per the latest data from Election Commission of India, BJP stands at 106 (53-won; 53-leading), INC at 75 (25-won; 50-leading), JD(S) at 38 (5-won; 33-leading), other parties at 3 (1-won; 2-leading). The Indian rupee extended losses against the US dollar in the late afternoon deals. The rupee lost as much as 41 paise to a fresh 16-month low of 67.92 apiece US dollar on Tuesday.

2:40 pm: Most of the sectoral and broader market indices of NSE fell into negative territory following the decline in the seat share of BJP in Karnataka Elections Results 2018.

NSE Sectoral indices. (Image: NSE)

2:35 pm: According to Election Commision of India, as at 2:30 pm, BJP has won 42 seats and was leading in 64; Congress has won 15 seats and was leading in 58; JD(S) has won 4 and was leading in 34 while other parties have won 1 seat and were leading in 2.

2:26 pm: Indian equities pare gains! BSE Sensex was trading 10.72 points at 35,546; NSE Nifty was trading 8.7 points lower at 10,797.9.

2:22 pm: In the afternoon deals, projections turned dicey with Narendra Modi-led BJP’s seat share dropping to 103. At the same time, Congress was at 79, JD(S) was at 38 and other parties at 2. Following the reactions, the Indian rupee crashed to a new 16-month low against US dollar. The rupee loses 32 paise to hit a fresh 16-month low of 67.84 apiece US dollar.

2:10 pm: As per the latest trends, BJP seat count has reduced to 104 while Congress’ seat share stands at 78, JD(S) at 38 and others at 2. SGX Nifty at 10,849, up 40 points, Sensex at 35,620, up only 63 points (down 373 points from day’s high of 35,993), Nifty at 10,822, up by 15 points.

1:55 pm: Shares of the Kolkata-headquartered Allahabad Bank declines over 8% to a 52-week low of Rs 40.3 on BSE. The benchmark Sensex trades at 35,641, up by 84.37 points while Nifty trades at 10,828.3, up by 21.7 points. As per the latest projections on CNBC TV18, BJP stands at 105, Congress at 78, JD(S) at 37 and other parties at 2. 

According to a PTI report, Modi-led BJP is close to the halfway mark in the Karnataka Assembly elections with its candidates winning 7 seats and leading in 102 others while Congress candidates have won 2 seats and were ahead in 69, while the JD(S) was leading the table in 39 constituencies.

1:40 pm: Shares of Tata Steel, Power Grid, Kotak Mahindra Bank, TCS, Asian Paints, HUL, ONGC, Yes Bank, HDFC Bank, IndusInd Bank were still the top gainers while Sun Pharma, Tata Motors, Dr Reddy’s, Coal India, NTPC and SBI were the top losers among the components of BSE Sensex. Sensex trades at 35,670.57, up by 113.86 points and Nifty trades at 10,835.4, marginally up by 29 points.

1:35 pm: PTI reports, BJP wins 5 seats, leads in 104; Karnataka assembly poll results/trends available for 221 out of 222 constituencies at 1 pm.

1:32 pm: National Conference leader Omar Abdullah tweeted ‘Et tu #Karnataka’ expressing his surprise over the present situation in Karnataka Elections 2018 results. ‘Et tu’ means ‘even you.’

1:30 pm: Another trend reversal! BJP’s seat count reduces to 105 steering rupee, Sensex, Nifty 50, SGX Nifty to pare morning gains. The global indicator of NSE Nifty, SGX Nifty Futures was trading 58 points higher at 10,867 on Singapore Exchange.

01:20 pm: Tracking Live! Indian stock markets off from day’s high as BJP lead shrinks below 110 seats. The benchmark Sensex drops nearly 300 points from the day’s top of 35,993 to a level of 35,685. Meanwhile, Indian rupee also witnesses a dent. The rupee was trading 18 paise lower at 67.7 (near 16-month low) against the US dollar. BJP at 105, Congress at 76, JD(S) at 39 and Other parties at 2.

BJP at 108 | INC at 78 | JD(S) at 39 | Other parties at 3 | Sensex at 35,702 | Nifty at 10,850

01:00 pm: The BJP-led government in Karnataka would prove a major boost for Modi ahead of the 2019 general elections, silencing critics who said his popularity had faded over the rocky adoption of a nationwide sales tax (GST) and a sudden ban (demonetisation) on high-value notes late in 2016, Reuters said in a report.

12:50 pm: Market Analysis | Sensex at 35,800 | Nifty at 10,876 | SGX Nifty at 10,893 | Rupee at 67.54 | BJP at 110 | Congress at 70 | JD(S) at 39 | Other parties at 3

Shares of Tata Group’s steelmaker Tata Steel were the biggest gainers among the constituents of BSE Sensex. The stock futures contract of Tata Steel and HDFC Bank registered a heavy turnover on NSE with 31 May 2018 expiry series contract of Tata Steel and HDFC Bank crossing Rs 1,309 crore and Rs 1,187 crore, respectively. India Vix trading down 10.45% at 12.7550.

12:35 pm: Among the sectoral indices on NSE, Nifty Metal index was the biggest gainers as shares of Tata Steel, SAIL, Welspun Corp, JSW Steel, Hindalco and NMDC surged more than 1%.

12:15 pm: Indian equities have been cheering Modi wave in South India as the state of Karnataka is likely to see B S Yeddyurappa as their Chief Minister after he served as the CM for more than 3 years from 2008 to 2011. As per the latest projections, BJP stands at 110, INC at 72, JD(S) at 37 and other parties at 3. 

11:45 am: Mid-morning Market Analysis | Sensex at 35,865 | Nifty at 10,893 | SGX Nifty at 10,120 | Rupee at 67.55 vs USD

Shares of Tata Steel, Power Grid, Yes Bank, ONGC, Kotak Mahindra Bank, ICICI Bank, IndusInd Bank, TCS, HDFC Bank, SBI, Axis Bank, Asian Paints and HUL were the top gainers while Tata Motors and ITC were major laggards among BSE Sensex components.

Shares of heavyweight scrips as HDFC Bank, Kotak Mahindra Bank, ICICI Bank, Reliance Industries (RIL), TCS, Infosys, Tata Steel, IndusInd Bank, Yes Bank, L&T and HDFC were the major contributors to Sensex. On a collective basis, these 11 stocks alone added about 270 points.

Shares of PC Jeweller, BEML, Power Grid, Tata Steel, D-Mart, HDFC Bank, HUL, HDFC Life, ICICI Bank, RIL topped the turnover on National Stock Exchange (NSE) while PC Jeweller, Suzlon, Alok Industries, RCom, Jaiprakash Associates, Power Grid, IDFC Bank, Idea, Unitech and GMR Infra were the top ten most traded stocks on NSE.

Among the top 20 options contract on NSE, Bank Nifty CE (Expiry: 17 May 2018) with a strike price of 27,000 registered a turnover of Rs 27,801 crore and premium turnover of Rs 75.5 crore while Nifty CE registered a turnover of Rs 17,557 crore and a premium turnover of Rs 84 crore.

With counting of Karnataka Elections progressing minute by minute, BJP stands at 116, Congress at 64, JD(S) at 39, and others at 3.

Volatility dropped considerably to a low level. India Vix, the volatility indicator on NSE, shed 19.36% to a day’s bottom of 11.4875.

11:00 am: Mid-morning market check: Indian stock markets trade higher with key equity indices Sensex and Nifty hovering near all-time highs. According to latest projections, BJP stands at 122, Congress at 58, JD(S) at 39 and others at 3. The S&P BSE Sensex is trading higher 351 points at 35,908.07 while NSE Nifty is trading up 100.2 points at 10,906.8; SGX Nifty Futures trading up 110 points at 10,919 on Singapore Exchange. The Indian rupee advanced 2 paise at 67.4987 against the US dollar as against a fresh 16-month low of 67.7925. 

10:51 am: In order to form a majority government in the Karnataka Assembly, a party should gather at least 113 seats. As per latest projections, Narendra Modi-led BJP (Bharatiya Janata Party) is well above Rahul Gandhi-led Congress and H D Deve Gowda-led JD(S). Latest trends show BJP at 119, Congress at 57, JD(S) at 43 and others at 3. Sensex trading up 372 points at 35,928.68 , Nifty trading up 100.5 at 10,907.1.

10:30 am: Shares of Dr Lal PathLabs, BEML, Suzlon, Videocon emerges as the top gainers among the ‘A’ group of BSE while shares of KEC, Balrampur Chini, Allahabad Bank, PFS were the top laggards.

10:18 am: Indian equity market rallies! Benchmark Sensex jumps 436.82 points to a fresh 3-month high of 35,993.53, Nifty gains 122.6 points to 10,929.2 while SGX Nifty Futures trading up 122 or 1.13% at 10,931. BJP at 113, Congress at 63, JD(S) at 45 and others at 1.

10:10 am: It’s Modi Wave! Sensex up 35,926.3, up by 369.59 points; Nifty 10,909.6, up 13. Narendra Modi heads to majority leading with 115 seats, Congress at 60, JD(S) at 45 and others at 2.

10:00 am: Market Check! The S&P BSE Sensex rallies 364.31 points to a fresh 3 month high of 35,921.02 on Tuesday. BJP at 112, Congress at 61, JD(S) at 45 and others at 2.

9:58 am: Modi Wave? Earlier this month, Prime Minister Narendra Modi said, “It is not a BJP wave in Karnataka but it is a BJP storm.” Narendra Modi kickstarted the election campaigning in Karnataka with three rallies in a single day. BJP at 109, Congress at 61, JD(S) at 47 and others at 2.

9:46 am: Breaking! The BJP heads to a majority leading with 106 seats while Congress is at 64, JD(S) at 45 and others at 2.

9:38 am: FPI’s cheer BJP lead over Congress as SGX Nifty Futures recover sharply, trading up 0.55% at 10,868 on the Singapore Exchange on Tuesday. BJP at 99, Congress at 75, JD(S) at 41 while others at 2.

9:28 am: Indian stock market shines as Narendra Modi-led BJP seen leading Rahul Gandhi-led Indian National Congress (INC) with BJP at 94, Congress at 80 and JD(S) at 42. BSE Sensex jumps 240 points to 35,796.79 making a day’s top of 35,817.65, up by 260.94 points on Tuesday.

This image shows the 30 stocks of BSE Sensex with index levels, as at 9:28 am on Tuesday. (Image: BSE)

 

9:25 am: Market rallies! The domestic stock markets recover partly as BJP seen leading Congress as per the early trends with BJP at 99, Congress at 68, JD(S) at 33. The benchmark Sensex jumps 205.72 points to 35,762.43 while NSE Nifty 10,819.15 gains 42.7 points to 10,849.3. 

9:17 am: The Indian rupee extends losses in the wee minutes of trading. The rupee lost as much as 28 paise to 67.79 against the US dollar on Tuesday. The latest trend shows BJP at 86, Congress at 76 and JD(S) at 26.

9:15 am: Opening Bell! Indian stock markets start in negative territory on Tuesday as market participants eye the outcome of Karnataka Elections 2018 with the counting of votes going on. The benchmark Sensex opens at 35,537.85, down by 18.86 points, 0.05% whereas NSE Nifty opens at 10,812.6, up by 6 points or 0.06% on Tuesday.

9:07 am: Market at pre-open! Order collection closed, the key equity indices Sensex and Nifty are set to open lower on Tuesday. Shares of HUL (up 1.42%), TCS, ONGC emerges as the lead gainers while shares of Adani Ports, HDFC, RIL were the top losers among the BSE Sensex components on Tuesday.

9:00 am: Foreign Exchange market opens! The Indian rupee drops 22 paise to hit a fresh 16-month low of 67 against the US dollar on Tuesday as vote counting progresses for Karnataka Elections.

8:55 am: Live Couting! Early trends for 177 out of 222 seats shows BJP at 78, Congress at 74, JD(S) at 25. SGX Nifty trading down 0.21% at 10,786 hinting a lower closing for Indian stock markets.

8:48 am: SGX Nifty Futures extends losses, trading down 0.27% at 10,779.5 on Singapore Exchange even as trends reverse with BJP leading at 71, Congress at 66 and JD(S) at 24. 

8:37 am: Breaking Live! BJP at 50, Congress at 56 and JD(S) at 25. SGX Nifty Futures trading down 0.19% at 10,788. 

8:27 am: Latest count shows Congress at 36, BJP at 32 and JD(S) at 20. SGX Nifty Futures slips below 10,800, trading down 0.15% at 10,792.5 on Singapore Exchange.

8:20 am: With progression in counting, Congress at 27, BJP at 20 and JD(S) at 8. Don’t think election outcome will have a bearing on the market beyond 48 hours, Ajay Srivastava, CEO, Dimensions Corp told CNBC TV18. Don’t think BJP’s loss in Karnataka will trigger major selling, Ajay Srivastava added.

8:05 am: Counting of vote begins! According to initial trends, Rahul Gandhi-led Indian National Congress was seen leading with Congress at 16, BJP at 4 and JD(S) at 3. The SGX Nifty Futures was trading down 0.1% at 10,798.5.

Karnataka election result: How to check online

8:00 am: If Narendra Modi-led BJP loses Karnataka Elections 2018 today, it will be a big blow to the NDA (National Democratic Alliance) before the 2019 general elections. Indian stock markets including Sensex and Nifty may face a shakeout situation if Modi-led B S Yeddyurappa loses the election battle against Rahul Gandhi-supported Siddaramaiah. “It will bring in a kind of a shakeout situation that will take out some weak players and medium term players out of the market. If this happens, we may see a continuation of correction like we have witnessed in February 2018,” Mustafa Nadeem, CEO, Epic Research told FE Online.

7:55 am: The sectoral indices of National Stock Exchange (NSE) ended mixed on Monday with Nifty PSU Bank index leading the charge and Nifty Auto index being the biggest loser at the closing on Monday, 14 May 2018, ahead of Karnataka Elections Results.

This image shows all the sectoral indices at the closing bell on Monday ahead of Karnataka Elections Results. (Image: NSE) [Column 1: Name of the Index; Column 2: Index value; Column 3: Percentage change]
7:45 am: Shares of NTPC, Dr Reddy’s, IndusInd Bank, SBI, Hero MotoCorp, Power Grid, Infosys emerged as the lead gainers whereas shares of M&M, Tata Motors, Yes Bank, Bharti Airtel, Adani Ports and TCS were the top laggards among the BSE Sensex components at the closing bell on Monday ahead of Karnataka Elections Results.
This image shows the 30 stocks of S&P BSE Sensex index at the closing on Monday ahead of Karnataka Elections Results. (Image: BSE)

7:42 am: “Margin of victory is the most important factor and with the exit polls indicating all kinds of permutations and combinations, the markets are definitely going to be volatile,” Avinash Gorakshakar, head of research, Joindre Capital Services was quoted as saying in a Bloomberg report. “Having said that, a conclusive BJP win can push the Nifty above 11,000 this week and a Congress victory can see the gauge drop as much as 400 points,” Avinash Gorakshakar added. 

7:35 am:  The Indian rupee extended losses on Monday and settled at a fresh 16-month low against the US dollar ahead of Karnataka Elections 2018 results. The rupee declined by 18 paise to conclude at a 16-month low of 67.51 apiece US dollar on Monday. This was the lowest closing for the rupee since 31 January 2017, when it had ended at 67.87.

7:26 am: Among the major economic data released on Monday, retail inflation inched up reversing the declining trend to 4.58% in April due to hardening in prices of cereals, meat, fish and fruits. The Consumer Price Index (CPI) inflation was 4.28% in March 2018 and was at 2.99% in April 2017.

7:20 am: Major shares in the news today ahead of Karnataka Elections Result

Allahabad Bank: The government has initiated the process to remove Allahabad Bank CEO Usha Ananthasubramanian and two executive directors of Punjab National Bank in connection with $2 billion fraud allegedly involving the diamond jeweller Nirav Modi. Also, the Reserve Bank of India has imposed restrictions on Allahabad Bank on lending to risky assets and raising high-cost deposits in view of deteriorating financial health of the bank.

PNB: Shares of India’s second-largest PSU bank Punjab National Bank will be in a close watch on Tuesday as the bank is scheduled to announce its financial results for the quarter and fiscal year ended 31 March 2018 after India’s biggest banking fraud amounting nearly Rs 13,700 crore unravelled at the bank in February.

Central Bank of IndiaCentral Bank of India is planning to raise up to Rs 8,000 crore equity capital in the current financial year.

Reliance InfrastructureReliance Infrastructure’s (RInfra) board has approved raising up to Rs 3,000 crore by issuance of equity shares to its existing shareholders or qualified institutional investors.

Hindustan UnileverHindustan Unilever (HUL) has posted a 14.2 per cent% in the standalone net profit to Rs 1,351 crore for the fourth quarter ended 31 March driven by a strong double-digit volume growth.

IDBI BankIDBI Bank has raised it’s marginal cost of funds based lending rate (MCLR) rate by up to 10 basis points across various tenors.

South Indian BankSouth Indian Bank has reported a rise of 51% in net profit to Rs 114.1 crore for the quarter ended 31 March 2018.

7:06 am: The early indicator of NSE Nifty, SGX Nifty Futures was trading little changed ahead of the Karnataka Elections results. The SGX Nifty Futures was trading down 0.06% at 10,802.5 on the Singapore Exchange in the early dealing son Tuesday. 

7:03 am: US stock markets ended slightly higher on Monday in a choppy session. The weakness in defensive stocks offset optimism following US President Donald Trump’s conciliatory remarks toward China’s ZTE Corp that calmed the waters of US-China trade tensions, Reuters said in a report. The Dow Jones Industrial Average rose 68.24 points or 0.27% to 24,899.41, the S&P 500 gained 2.41 points or 0.09% to 2,730.13 and the Nasdaq Composite added 8.43 points or 0.11% to 7,411.32.

7:00 am: Indian equities ended flat on Monday in a rangebound trade ahead of Karnataka Elections 2018 results with Sensex and Nifty finishing marginally up in green. The benchmark Sensex settled at 35,556.71, up by 20.92 points or 0.06% while NSE Nifty concluded at 10,806.6, up by 0.1 points. Shares of Sun TV were the lead gainers while PTC India Financial Services shares were the biggest losers among the ‘A’ group on BSE on Monday.

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