Markets Ends Flat As Majority Evades BJP In Karnataka

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Markets ended the day higher, even as there was immense volatility through the day, following the results to the Karnataka elections.

The Nifty fluctuated in a band of nearly 130 points, opening lower and then rallying to gain 122 points on a sudden BJP surge. However, it gave-up most gains, as the BJP tally started dropping in afternoon trade.

Markets Ends Flat As Majority Evades BJP In Karnataka
The Sensex ended the day lower by 12 points, while the Nifty lost 4 points in trade. The day was marked with high drama, with markets cheering a BJP lead of nearly 118, in the Karnataka elections. However, once the numbers dropped lower then the half-way mark, intense selling began. 

Banking stocks were slightly weak in trade, following higher than expected inflation data. The worries are that the Reserve Bank of India may now even consider a hike in interest rates.

Public sector banking stocks were seeing larger falls in comparison to their private sector peers. Shares in Bank of Baroda, Punjab National Bank and Oriental Bank of Commerce were the big losers.

Several stocks also reacted to their results. Among these included Hindustan Unilever, which reported a good set of numbers that beat analysts estimates.

Hindustan Unilever saw its stock surge after the FMCG major reported better than expected numbers. Revenue at the company was up 11 percent at Rs 9,097 crore, while the net profits at the company was up 14 percent at Rs 1,351 crore.

Dr Lal's Pathological Lab had a splendid day in trade, jumping as much as 8 per cent, on the back of a solid set of quarterly numbers. The revenues at the company was up 21 percent at Rs 267 crore, while the net profit was up 25 percent at Rs 40 crore. The stock ended trade at Rs 876, up 11 per cent in trade.

Meanwhile, markets across Europe were trading with marginal losses, as bond yield in the US spiked. The German DAX, the French CAC and the UK's FTSE were all lower in trade.

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