Markets Open Lower On Weak Global Cues, Karnataka Results

Posted By:
Subscribe to GoodReturns
For Quick Alerts
ALLOW NOTIFICATIONS  
For Daily Alerts

    Benchmark indices slumped in early trade, as BJP failed to form the government in Karnataka, even as global cues remained weak.

    Rising bond yields in the US, once again prompted selling in the US markets, which ended lower and dragged Asian markets down. US stocks halted a robust 4-day rally, as risk aversion grew.

    Markets Open Lower On Weak Global Cues, Karnataka Results
    Asian indices were also trading lower, taking cues from the weak closings in the United States. The Korean Kospi and the Japanese Nikkei, were seeing a weakish trend in morning trade.

    The Sensex was trading lower by 137 points, while the Nifty was down 43 points in trade. Karnataka Bank, which declared a weakish set of quarterly numbers reacted to its results. The shares were down one per cent in trade at Rs 109.

    Government owned Syndicate Bank also saw its shares drop on widening losses. The Bank reported a quarterly loss at Rs 2,195.12 crore, against Rs 103.84 crore, year-on-year. The shares of the bank were last seen trading at Rs 48.55. 

    Jindal Poly saw its shares slump after the firm reported a consolidated loss at Rs 57.43 crore versus profit of Rs 3.66 crore. The shares fell and were changing hands at Rs 251, down 6 per cent in trade. 

    Vakrangee was once again locked at the lower end of the circuit filter. The whole of last week the shares ended at the lower end, over worries of corporate governance. The auditors of the firm had recently resigned, citing lack of clear information on some of the businesses at the company. The shares of the firm were last trading at Rs 57, with only sellers. 

    Meanwhile, all eyes on the Karnataka governor, who will shortly call either the BJP or the Congress-JDS formation to form the government in Karnataka. Markets may react to positively to the ability of the BJP to form the government in Karnataka.

    GoodReturns.in

    Read more about: sensex nifty
    Story first published: Wednesday, May 16, 2018, 9:18 [IST]
    Company Search
    Enter the first few characters of the company's name or the NSE symbol or BSE code and click 'Go'

    Find IFSC

    We use cookies to ensure that we give you the best experience on our website. This includes cookies from third party social media websites and ad networks. Such third party cookies may track your use on Goodreturns sites for better rendering. Our partners use cookies to ensure we show you advertising that is relevant to you. If you continue without changing your settings, we'll assume that you are happy to receive all cookies on Goodreturns website. However, you can change your cookie settings at any time. Learn more