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Markets End Flat; Await Karnataka Election Outcome
Benchmark indices ended the day flat, as investors remained edgy, ahead of the outcome of the Karnataka election results due on Tuesday. Europe was trading with marginal gains, while most of Asia ended higher.
The Sensex ended the day with gains of 20 points at 35,556 points, while the Nifty gained 0.10 points in trade.
Banking stocks were largely weak, after a spate of bad results from the likes of Canara Bank, Dena Bank, Union Bank and Allahabad Bank.
In fact, shares in Dena Bank sank 6 per cent, after the RBI barred the Bank from lending and has also frozen fresh hiring, the bank disclosed in a notification to stock exchanges. This was after Dena Bank reported a weak set of numbers with losses at Rs 1,225 crore. Investors continue to remain worried over PSU banking shares.
Sun TV was a stock in the limelight today, after the bank reported good quarterly numbers. The shares ended higher by 10 per cent, after it was upgraded by brokerage houses.
Oil marketing companies saw a recovery in their prices, after petrol prices were raised following the completion of the Karnataka elections. Stocks like HPCL, BPCL and IOC gained in trade today.
Markets are expected to take cues from the election results of Karnataka. In case the BJP is unliklye to form the government in Karnataka, we would see a reaction to stock prices. In all probability, the Nifty might then see a sell-off by 200 points or so.
Market men are of the opinion, in case the BJP does form the government, expect the indices to surge past their previous peak since in the month of Jan 2018.
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