oppn parties Stocks Rise And Fall As BJP Falters In Karnataka

News Snippets

  • Delhi Additional district judge Nikhil Chopra says there is no legal right for people seeking to worship deity inside Qutab Minar, says it survived 800 years without worship so "let it survive like that"
  • Punjab chief minister Bhagwant Mann sacks state health minister Vijay Singla over corruption charges. Singla was later arrested by the ACB
  • Protestors burn the house of Andhra minister P Viswaroop and MLA Satish Kumar over renaming of Konaseema district as B R Amberdkar Konaseema
  • Gyanvapi: Varanasi district judge decides to first hear the 'maintainability' plea filed by mosque management
  • Delhivery and Venus Pipes shares list at premium of 10% and 8.7% respectively even when market sentiment was down
  • In a bid to cool edible oil prices, Centre allows duty-free imports of 20 lakh tonnes each of crude sunflower oil and crude palm oil per annum this year and next
  • Centre caps sugar exports to ensure availability of stocks in the domestic markets to cool prices
  • Stock markets get the jitters as RBI signals rate hike and government moves in to control inflation: Sensex tumbles by 236 points to 54052 and Nifty goes down by 89 points to 16125
  • IPL: Lucknow Super Giants to meet Royal Challengers Bangalore in the first Eliminator today. Winners to take on Rajasthan Royals for a place in the finals
  • IPL: Sensational David Miller blasts three sixes off the first three deliveries of the last over to help Gujarat Titans beat Rajasthan Royals by 7 wickets and enter their maiden IPL final in their debut year
  • While joining US-led IPEF, PM Modi says it will bring "peace and prosperity in the Indo-Pacific region"
  • Mamata Banerjee says Bengal government will not lower VAT as the excise cut by the Centre will already reduce state's revenue by Rs 641 cr
  • Mamata Banerjee says Central agencies must be made autonomous to save democracy
  • While commuting the death sentence of 2 men and 1 woman, the Supreme Court says convict's conduct before and after crime is vital for death penalty
  • Health minister Mansukh Mandaviya slams the Covid death report of WHO at the 75th session of World Health Assembly in Geneva
US President Joe Biden says India-US ties to be among "closest on earth" //////// China and Russia send bombers near Japan even as Quad leaders were holding meetings there /////// Gujarat Titans enter IPL finals in style, beat Rajasthan Royals by 7 wickets
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