Sensex, Nifty trade flat ahead of Karnataka Elections 2018 results; Reliance Naval drops 12%

By: | Published: May 14, 2018 9:27 AM

Indian equities started flatter on Monday, 14 May 2018, with the headline indices Sensex and Nifty opening marginally higher led by a little uptick in the shares of heavyweight companies Reliance Industries (RIL), HDFC Bank and recovery in Bharti Airtel.

Shares of Bharti Airtel, Adani Ports, Hero MotoCorp, Bajaj Auto, Mahindra & Mahindra, Dr Reddy’s emerged as the major gainers on BSE Sensex on Monday. (Image: Wiki)

Indian equities started flatter on Monday, 14 May 2018, with the headline indices Sensex and Nifty opening marginally higher led by a little uptick in the shares of heavyweight companies Reliance Industries (RIL), HDFC Bank and recovery in Bharti Airtel. The S&P BSE Sensex gained 20.04 or 0.06% to open at 35,555.83 while NSE Nifty added 8.65 points or 0.08% to begin the day at 10,815.15 on Monday. Going ahead in the week, the Indian stock markets are likely to be steered by the Karnataka election results, inflation data, Q4 results and crude oil price movement. Karnataka Assembly Elections 2018 results will be announced on 15 May 2018.

Shares of Bharti Airtel, Adani Ports, Hero MotoCorp, Bajaj Auto, Mahindra & Mahindra, Dr Reddy’s emerged as the major gainers on BSE Sensex on Monday whereas Asian Paints, ITC, Infosys were the top laggards. Shares of state-run PSU banks Canara Bank and Allahabad Bank dropped more than 4% each after the public sector lender reported widening in the losses as compared to comparable quarter last year.

Shares of Dena Bank shed nearly 10% after the Reserve Bank of India has put the PSU lender in PCA framework whereas Reliance Naval shares dropped 7% after Vijaya Bank termed the company as a non-performing asset.

The S&P 500 rose on Friday, helped by healthcare stocks after President Donald Trump blasted high drug prices but avoided taking aggressive measures to cut them. Johnson & Johnson and Pfizer each rose over 1% while Merck & Co jumped 2.8% after Trump in a speech said foreign governments “extort” unreasonably low prices from U.S. drugmakers, Reuters said in a report. The Dow Jones Industrial Average rose 0.37% to end at 24,831.17 points, while the S&P 500 gained 0.17% to 2,727.72, its highest close since mid-March while Nasdaq Composite slipped 0.03% to 7,402.88.

Meanwhile, Foreign investors have pulled out Rs 12,671 crore from the Indian capital markets, in the last eight trading sessions. According to data available with depositories, FPIs has withdrawn a net sum of Rs 4,030 crore from equities and another Rs 8,641 crore from the debt market during 2-11 May. SEBI along with stock exchanges have stepped up surveillance to keep a close tab on possible manipulations and excessive volatility in the markets ahead of assembly elections results in Karnataka.

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