Monday, May 14, 2018

MARKETS LIVE: Karnataka poll outcome trends sees Nifty50 cross 10,900 mark

The were trading higher as trends see the . ruling party BJP leading in Karnataka.
A high-stakes battle for the Karnataka Assembly ended on Saturday evening, with over 35 million voting in an election crucial for the ruling Congress as well as the BJP and the JD-S.

All three main contenders for power -- Congress, the Bharatiya Janata Party (BJP) and the Janata Dal-Secular (JD-S) -- claimed they would win hands down.

Meanwhile, stock-specific action is likely to continue as the day progresses amid the release of March quarter results of companies. Among key results, Britannia Industries, Lupin, Mangalore Refinery & Petrochemicals and Punjab National Bank are likely to announce their March 2018 quarter earnings later in the day.

ECONOMIC DATA

In key economic data, India's trade balance data is likely to be released later today. On Monday, the widely-tracked consumer price index (CPI)-based inflation rate rose to a three-month high of 4.58 per cent, its wholesale price index (WPI) counterpart increased to a four-month high of 3.18 per cent in April.

"Lower food inflation and rising rural core inflation are indicating that the rural distress has not yet abated completely. Rise in core inflation and increasing upward risk to overall CPI (our expectation is 5.4-5.8% for FY19) is likely to prompt RBI to withdraw its Aug’17 25bps rate cut. However, we expect RBI to maintain status quo in Jun’18 policy while turning slightly more hawkish," said Dhananjay Sinha, Head, Institutional Research, Economist and Strategist at Emkay Global Financial Services in an emailed note.

GLOBAL MARKETS

In the global markets, Asia pulled back on Tuesday, after an uninspiring performance on Wall Street eclipsed support from US-China trade optimism, while supply concerns kept crude oil prices near three-and-half year highs.

MSCI’s broadest index of Asia-Pacific outside Japan dipped 0.16 per cent after rising 0.6 per cent the previous day to its highest since late March. South Korea's KOSPI shed 0.05 per cent and Japan's Nikkei was flat.

(with Reuters inputs)

No comments:

Post a Comment