Key benchmark indices extended gains and hit fresh intraday high in morning trade after trends and results showed the Bharatiya Janata Party (BJP) leading in over 100 seats in Karnataka. At 10:28 IST, the barometer index, the S&P BSE Sensex, was up 377.66 points or 1.06% at 35,934.37. The Nifty 50 index was up 111.40 points or 1.03% at 10,918. Realty stocks gained. Cement stocks saw mixed trend.
All eyes are on the outcome of the Karnataka assembly elections. Trends and results as at 10:20 IST showed the Bharatiya Janata Party (BJP) leading in 102 seats, Indian National Congress leading in seats 53 and Janata Dal (Secular) leading in 37 seats. The Karnataka Assembly elections in a single-phase polling were held on Saturday, 12 May 2018. Polling was held in 222 constituencies of the 224-member assembly. Karnataka is one of only three states to be ruled by the Congress.
The S&P BSE Mid-Cap index was up 0.52%. The S&P BSE Small-Cap index was up 0.94%. Both these indices underperformed the Sensex
The market breadth, indicating the overall health of the market, was strong. On the BSE, 1,420 shares rose and 628 shares fell. A total of 96 shares were unchanged.
Realty stocks gained. DLF (up 2.39%), Housing Development and Infrastructure (up 0.93%), D B Realty (up 2.5%), Unitech (up 0.03%), Sobha (up 0.43%), Godrej Properties (up 1.43%) and Oberoi Realty (up 1.99%) rose. Indiabulls Real Estate (down 1.04%) and Prestige Estates Projects (down 2.05%) declined.
Cement stocks saw mixed trend. Ambuja Cements (up 0.39%), UltraTech Cement (up 0.38%) and Shree Cement (up 1.73%) gained. ACC (down 0.86%) fell. Grasim Industries was off 0.27%. Grasim has exposure to the cement sector through its holding in UltraTech Cement.
On the macro front, the all-India general CPI inflation increased to 4.58% in April 2018 (new base 2012=100), compared with 4.28% in March 2018, snapping consistent moderation for last three months. The corresponding provisional inflation rate for rural area was 4.67% and urban area 4.42% in April 2018 as against 4.44% and 4.12% in March 2018. The core CPI inflation increased to 5.80% in April 2018 compared with 5.23% in March 2018. The data was released by the government after market hours yesterday, 14 May 2018.
The cumulative CPI inflation had declined to 3.59% in April-April FY2018 compared with 4.52% in April-April FY2017.
Meanwhile, the President of India, as advised by the Prime Minister, directed reallocation of portfolios amongst the members of the Union Council of Ministers. During the period of indisposition of Arun Jaitley, Minister; the portfolios of Minister of Finance and Minister of Corporate Affairs held by him, be temporarily assigned to Piyush Goyal, in addition to his existing portfolios.
Rajyavardhan Singh Rathore be assigned the independent charge as Minister of State in the Ministry of Information and Broadcasting, in place of Smriti Zubin Irani, presently Minister of Information and Broadcasting.
S.S. Ahluwalia, Minister of State be relieved of the charge of Ministry of Drinking Water & Sanitation and assigned the portfolio of Ministry of State in the Ministry of Electronics & Information Technology. Alphons Kannanthanam, Minister of State be relieved of the charge of Minister of State in the Ministry of Electronics & Information Technology.
Overseas, Asian stocks fell as investors remained cautious about key economic and political risks, while supply concerns kept crude oil prices near 3-1/2-year highs. US stock indexes posted modest gains yesterday, 14 May 2018 and the Dow ended with an eighth gain in a row, extending an uptrend on signs of easing trade tensions between the US and China.
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