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Markets Open Steady Post Karnataka Exit Poll Results


Benchmark indices opened the day steady, as investors digested the results from the Karnataka exit polls, where it was largely predicted that no party would be able to form the government in the state on its own.

Markets Open Steady Post Karnataka Exit Poll Results
The Sensex was trading with gains of 8 points, while the Nifty was up 5 points in trade. Several stocks reacted to their results. Among those included Canara Bank, whose shares slumped following a poor set of quarterly numbers.

The bank reported a net loss of Rs 4,860 crore against a profit of Rs 214 crore. The gross non performing assets of the bank surged to 11.84 percent versus 10.38 percent (QoQ). The net non performing assets were at 7.48 percent versus 6.78 percent

Shares in Nilkamal lost ground after the company reported a tepid set of numbers. The revenue at the company was up 12 percent at Rs 596 crore, while the net profit was up 6.25 percent at Rs 34 crore, for the quarter ending March 31, 2018.

Allahabad Bank, another government bank also reacted to its numbers. The stock was down 3 per cent in trade at Rs 44. The bank reported a net loss of Rs 3,510 crores. The gross non performing assets were placed at 15.96 percent versus 14.38 percent (QoQ). On the other hand the net NPA stood at 8.04 percent versus 8.97 percent (QoQ).

Shares in PC Jeweller, which has remained extremely high on the volatility list, saw a surge in volumes once again. The stock, which has doubled investor value in 5 trading sessions, was last see trading down 6 per cent at Rs 189.

Meanwhile, most of the Asian markets were trading with gains. The Hong Kong markets were once again leading the charge, and were higher by a solid 1.2 per cent. Other markets that gained included the Japanese Nikkei and the Shanghai Composite.

Read more about: sensex nifty
Story first published: Monday, May 14, 2018, 9:16 [IST]
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