Karnataka uncertainty makes Sensex end in red

Sensex swings to counting trends

Asian stocks edged up on Friday as investors kept a cautious watch on developments in US-China trade negotiations, while the dollar was perched near a five-month peak against a basket of currencies thanks to the benchmark US Treasury yield topping a seven-year high, it said.

Globally, crude oil prices inched closer to $80 per barrel, stoking fears of rising import bills and worsening fiscal deficits for energy importers like India.

On Tuesday, none of the major political parties were able to achieve a clear majority in the Karnataka assembly elections, leading to political uncertainty.

The NSE Nifty was trading 0.02% higher to 10,808.60 points at 02:54 pm, while the BSE Sensex was trading 0.05% higher to 35,574.03 points, after news that the rival Congress party is ready to support a JD (S) government in the southern state. Amongst the global indices, the Asian and European markets traded on a mixed note.

The 30-share Sensex surged over 436 points in early trade and the NSE Nifty soared almost 128 points before making a U-turn. "Whatsoever be the final outcome, this will give more depth to the market as concern over the performance of BJP in the next general election of 2019 will reduce", Vinod Nair, head of research, Geojit Financial Services Ltd, said.

At 9.24 a.m, the Sensex was trading up 40.54 points or 0.11% at 35,428.42 with 17 components gaining. The 30-share index fell by 125.10 points, or 0.35 per cent, to 35,024.02 in the opening trade.

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On the other hand, consumer durables rose 1.37%, realty 0.41%, infrastructure 0.28%, capital goods 0.24% and oil and gas 0.08%.

Meanwhile, on a net basis, Domestic Institutional Investors (DIIs) bought shares worth Rs 428.92 crore while Foreign Portfolio Investors (FPIs) sold shares to the tune of Rs 830.94 crore on Thursday, provisional data showed.

Hong Kong's Hang Seng advanced 0.22 percent while Japan's Nikkei was up 0.25 percent in early trade.

Later, it met with profit-booking at higher levels and slipped in the negative zone to hit a low of 35497.92, before settling 12.77 points, or 0.04 per cent to 35543.94.

The stock of Dena Bank fell 5 per cent, while the Allahabad Bank scrip tumbled almost 9 per cent. Punjab National Bank, which has been under a cloud since February, was down almost 4 per cent.

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