Tuesday, 22 May, 2018

Sensex loses almost 250 points on political uncertainty, global cues

Sensex swings to counting trends Stocks track poll trend
Preston Stone | 17 May, 2018, 18:00

Although BJP fell short of simple majority, investors see the vote as bolstering the ruling party's chances of winning a second term in next year's national ballot, said Abhimanyu Sofat, vice-president India Infoline. The Sensex had risen yesterday by more than 400 points intra-day after the BJP emerged as the single largest party in Karnataka.

Even the broadly subdued Asian indices and the disappointing macro-economic inflation data points released on Monday dented investor sentiments.

In a highly volatile trade witnessed during the day, the Sensex went down by 91 points to 35,452.35 in the morning session. The market breadth was also strong with almost 1,500 stocks gaining ground against only 761 declines.

Market indices recovered in evening trade on Wednesday with the Sensex down about 156 points, after a significant plunge in the morning, following correction in banks stocks after Punjab National Bank (PNB) reported a massive loss in the fourth quarter of FY 2017-18.

Overall forex market has been hampered on the heels of the boiling global crude prices - its highest advances since 2014 is squeezing the carry-trade returns on the rupee to a point where they are the worst in Asia.

Woman Poops Tim Hortons Restaurant Floor, Throws Feces At Employee
Holly Largy from the Royal Canadian Mounted Police in Langley confirmed the unhygienic incident to the Abby News . The woman then pulls down her trousers and defecates on the floor before scooping it up and throwing it.

Anand Shah, Deputy CEO and Head of Investments at BNP Paribas Mutual Fund India said that apart from the uncertainty in Karnataka's politics, the increase in inflation rate also caused concern among the investor community.

On the other hand, the rupee closed at Rs. 67.87 against the United States dollar today. However, it slipped on profit-booking and touched a low of 35,087, before finally settling at 35,149, down 238 points, or 0.67 per cent.

Earlier in the afternoon, the key Indian equity indices were trading around half-a-per cent higher.

So far, the major gainers on the BSE were Hindustan Unilever, Wipro, Yes Bank, Tata Motors (DVR) and Tata Motors, while Hero MotoCorp, ICICI Bank, Adani Ports, Reliance Industries and Larsen and Toubro were the major losers.

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