oppn parties Stocks Rise And Fall As BJP Falters In Karnataka

News Snippets

  • Batteries, chains and screws were among 65 objects found in the stomach of a 14-year-old Hathras boy who died after these objects were removed in a complex surgery at Delhi's Safdarjung Hospital
  • India confirms that 'verification patrolling' is on at Demchok and Depsang in Ladakh after disengagement of troops
  • LeT commander and 2 other terrorists killed in Srinagar in a gunbattle with security forces. 4 security personnel injured too.
  • Man arrested in Nagpur for sending hoax emails to the PMO in order to get his book published
  • Adani Power sets a deadline of November 7 for Bangladesh to clear its dues, failing which the company will stop supplying power to the nation
  • Shubman Gill (90) and Rishabh Pant (60) ensure India get a lead in the final Test after which Ashwin and Jadeja reduce the visitors to 171 for 9 in the second innings
  • Final Test versus New Zealand: Match evenly poised as NZ are 143 ahead with 1 wicket in hand
  • PM Modi said that a historic Diwali will be celebrated in Ayodhya after 500 years with the rebuilding of the Ram Mandir there
  • Priyanka Gandhi, campaigning as the candidate in Wayanad, alleged that the BJP had neglected the constituency
  • UP Police arrested 7 people for selling firearms on WhatsApp, Instagram and Facebook
  • The Election Commission once again slammed the Congress for 'frivolous doubts' on the Haryana election process
  • Government has advised pharma companies to cut prices of cancer drugs as the customes duty has been slashed
  • Bengal tweaks PMAY scheme to make it 'better' than the Central offer
  • PM Modi slams Delhi and Bengal for not rolling out Ayushman Bharat in their states. TMC rebuts the charges and says the Bengal Swasthya Sathi scheme is better than the Central scheme
  • iPhone exports from India surged 33% in the period April to September this year
PM Modi 'strongly condemns' on Hindu temple in Canada while MEA expresses concern over safety of Indians
oppn parties
Stocks Rise And Fall As BJP Falters In Karnataka

By admin
First publised on 2018-05-15 22:52:06

About the Author

Sunil Garodia By our team of in-house writers.
The stock markets witnessed a steep rise and an equally steeper fall even as the political drama played out in Karnataka. The markets were sailing on calm seas in the morning as the leads showed a neck to neck fight between the BJP and the Congress. But once BJP started nosing ahead, there was a frenzy of buying which took the markets up, up and up. At one point, the Sensex was up by 455 points from its opening price of the day. The Nifty similarly rose nearly 117 points to come close to the 11000 mark.

But as soon as it became clear that the BJP was not getting past the half way mark, there was selling pressure and both the indices started tumbling. It got worse when the Congress proposed an alliance with the JD(S), even conceding the CM’s post to Kumaraswamy. At the end of the day, the uncertainty was too much for the traders and the market wiped out all the gains of the day with the Sensex closing 13 points lower and the Nifty 4 points from their opening levels. One important fact remained: the Nifty could not be hammered down below the psychological level of 10800 and it meant that the bulls still felt that the BJP will form the government. Hope the Karnataka governor is listening.

Analysts say that the Nifty formed an “Inverted Hammer” or a Shooting Star kind of formation. For the uninitiated, it means that there was selling pressure at higher levels and it could be treated as a reversal pattern (meaning the bears are taking over) but it is not certain and needs confirmation over the next few sessions. Doesn’t it sound like astrological predictions? The market is always upbeat on news of BJP victory. Hence, it has reacted adversely to the party falling short of majority in Karnataka. Traders are advised to tread with caution.

pic courtesy: assignmentexpert.com