Most of the exit polls suggest a hung assembly with BJP poised to be the single largest party in the Karnataka state elections.

The S&P BSE Sensex closed flat with a positive bias on Monday while Nifty50 closed at the same level which was recorded on Friday ahead of crucial Karnataka poll outcome due tomorrow.

Most of the exit polls suggest a hung assembly with BJP poised to be the single largest party in the Karnataka state elections.

“A victory for the BJP will be received well by the market but a narrow defeat will not dent the market’s optimism regarding the BJP’s chances in the general elections next year,” Kotak Institutional Equities said in a note.

“The market has pinned its hopes on earnings recovery and largely ignored the deterioration in the macro, which may weigh on heady multiples,” it said.

The S&P BSE Sensex closed 20.92 points higher or 0.06 percent at 35,556.71. It hit an intraday low of 35,456.56, and an intraday high of 35,642.72.

The Nifty50 closed 0.10 point higher at 10,806.60. It hit an intraday high of 10,834.85, and an intraday low of 10,774.75.

On the sectoral front, S&P BSE Banking index rose 0.17 percent, followed by the S&P oil & gas index which was up 0.16 percent, and the S&P BSE PSU index was up 0.11 percent.

On the losing front, the S&P Consumer Durable index lost 2.5 percent, followed by the S&P BSE telecom index which was down 1.1 percent, and the S&P Auto index shed 0.93 percent.

The S&P BSE Smallcap index slipped 1 percent, while the S&P BSE Midcap index was down 0.88 percent.

Top Sensex gainers include companies like NTPC (up 2.5 percent), Dr Reddy’s Laboratories (up 1.2 percent), IndusInd Bank (up 1.07 percent), and SBI (up 0.98 percent).

Top Sensex losers include names like M&M (down 2.1 percent), Tata Motors (down 2.05 percent), Yes Bank (down 1.5 percent), Bharti Airtel (down 1.09 percent), and Adani Ports (down 0.94 percent).

Stocks in news:

Tata Global Beverages fell 11 percent even though consolidated net profit rose 39.98 percent to Rs 71.56 crore on 0.38 percent rise in net sales to Rs 1688.40 crore in Q4 March 2018 over Q4 March 2017.

Public sector lender Allahabad Bank today reported a standalone net loss of Rs 3,509.63 crore for the last quarter ended March of 2017-18 due to more than three-time rise in its provisions for bad loans. The stock closed 3.1 percent lower.

Shares of Dena Bank recouped losses but closed nearly 6 percent lower after Reserve Bank of India (RBI) directed the bank not to issue any fresh loans and hire new personnel in the wake of mounting non-performing assets (NPAs).

Kerala-based private sector lender South Indian Bank has reported massive 51.1 percent growth year-on-year in net profit at Rs 114.1 crore for the quarter ended March 2018. The stock closed 3.5 percent higher.

Hester Biosciences share price fell nearly 7 percent on weak operational performance for March quarter.

Broadcaster Sun TV Network share price rallied 11.5 percent after it reported a 22.82 percent increase in net profit at Rs 289.76 crore for the fourth quarter ended March 31, 2018. The company had reported a net profit of Rs 235.91 crore during the corresponding quarter last year.

UCO Bank shares fell 2 percent after the bank reported 10th consecutive quarterly loss. It reported a loss of Rs2,134 crore in March quarter against Rs 1016 crore a quarter ago.

PTC India Financial Services fell 14 percent after the company reported net loss of Rs 110.44 crore in Q4 March 2018 compared with net profit of Rs 109.76 crore in Q4 March 2017.

Parag Milk Foods hit a 52-week high of Rs 345.60 after the company reported 18 percent year-on-year (YoY) growth in its consolidated net profit at Rs 262 million in March quarter (Q4FY18), on the back of healthy growth in operational revenue. The stock closed 9.4 percent higher.


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