Sensex, Nifty turn flat as Yeddyurappa’s exit weighs; SBI, ICICI Bank, TCS up 2%; RIL, Maruti down 1%

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Published: May 21, 2018 10:01:04 AM

Indian stock markets started flat on Monday with the headline indices Sensex and Nifty trading marginally higher as market participants get over from the uncertainty over the outcome of Karnataka elections after BJP's two-day CM BS Yeddyurappa resigned ahead of floor test on Saturday last week.

The benchmark Sensex was trading 0.1% up at 34,882.13 while Nifty 50 was trading 0.08% higher at 10,604.95. (Image: Wiki)

Indian stock markets started flat on Monday with the headline indices Sensex and Nifty trading marginally higher as market participants get over from the uncertainty over the outcome of Karnataka elections after BJP’s two-day CM BS Yeddyurappa resigned ahead of floor test on Saturday last week. The move steered the governor to invite Congress-JD(S) to form the government in the state followed which JD(S)-promoted HD Kumaraswamy will swear in as Karnataka CM on 23 May 2018. The mood of investors might get a revival on the back of higher Asian stock markets which are rising on diminished trade war fears between US and China.

Going ahead in the week, the domestic markets are likely to be steered by the upcoming major Q4 earnings including that of India’s largest bank by assets State Bank of India (SBI), Cipla, IOC, among others and the movement of crude oil prices.

Shares of TCS, ICICI Bank, ONGC, SBI, L&T and Bharti Airtel were the notable gainers while Maruti Suzuki, Sun Pharma, Hero MotoCorp, Dr Reddy’s and Reliance Industries were the major laggards among the BSE Sensex components on Monday. All the sectoral indices of NSE were trading mixed with Nifty Auto, Nifty Realty plunging the most while Nifty PSU Bank index leading the charge.

Volatility seemed to have inched lower in the early morning trades on Monday as India Vix, the volatility indicator on NSE, declined 16.93% to the day’s low of 11.7550. The benchmark Sensex was trading 0.1% up at 34,882.13 while Nifty 50 was trading 0.08% higher at 10,604.95.

Stocks rose on Monday as US Treasury Secretary Steven Mnuchin declared the US trade war with China “on hold” following an agreement to drop their tariff threats that had roiled global markets this year, Reuters said in a report. MSCI’s broadest index of Asia-Pacific shares outside Japan advanced 0.55 percent in early trade, led by strong gains in greater China, the report added.

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