Sensex falls over 150 points; Nifty trades at 10736

Sensex falls over 150 points; Nifty trades at 10736

Mumbai: Benchmark indices Sensex and Nifty surrendered all their gains to end in the red on Tuesday as investors resorted to fag-end selling after the BJP fell short of a clear majority in Karnataka elections.

BJP legislature party leader B S Yeddyurappa was today sworn in as the chief minister of Karnataka for the second time, after an overnight high-voltage legal battle in the Supreme Court.

A BJP win there would also dispel investor worries that a loss might have forced Mr Modi to double down on populist measures.

"BJP has emerged as the single largest party that itself has signaled that the policy directions are on track and are in sync with the expectations of the masses".

Overall forex market has been hampered on the heels of the boiling global crude prices - its highest advances since 2014 is squeezing the carry-trade returns on the rupee to a point where they are the worst in Asia.

More news: Michael Carrick moves straight into coaching role ahead of FA Cup final

The Street was gripped in negative sentiment in the last couple of sessions after it seemed that the will not be able to form its government in Karnataka. According to Motilal Oswal Securities head (retail research) Siddharth Khemka, investors usually prefer a stable government and a decisive mandate is something the markets always take positively. At 11.25 p.m, the Sensex was trading down 164.70 points or 0.46% at 35,379.24 with 21 components falling.

The markets had been trading cautiously in the past few days waiting for the Assembly election results.

In January 2008, the BSE had recorded its biggest fall, losing over 2,000 points in just two consecutive sessions.

Index-wise, the wider 50-scrip Nifty of the National Stock Exchange (NSE) closed at 10,741.10 points - down 60.75 points or 0.56 per cent from the previous close of 10,801.85 points.

On the other hand, the S&P BSE auto index plunged 349 points, followed by the oil and gas index, which declined by 232.75 points and the auto index that ended 76.14 points lower. It touch a low of 10,781.40.

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