Mid-Session: Sensex, Nifty stay under stress; RCOM bleeds nearly 18%
16/05/2018 12:35

The Indian equities continued its trade in negative terrain in afternoon deals on Wednesday, tracking weak cues from Asian peers, as investor weighed the outcome of Karnataka assembly elections. The Bharatiya Janata Party (BJP) emerged as the single largest party in Karnataka with 104 seats, but fell short of the majority mark of 112. The traders will keep a close eye on the political development in Karnataka as fortunes of BJP hung in balance as governor Vajubhai Vala will take a final call on who to invite first to form the government.

At 12:15 hours, the 30-share benchmark index was trading at 35391.44,, down by 152.5 points or by 0.43 per cent, and the NSE Nifty was at 10745.75, down by 56.1 points or by 0.52 per cent.

In the day’s trade so far, the BSE Sensex touched intraday high of 35452.35 and intraday low of 35241.63, while the NSE Nifty touched intraday high of 10764.8 and intraday low of 10699.7.

Shares of Anil Ambani-led Reliance Communications (RCom) continued losing streak for the second session on Wednesday and fell nearly 18 per cent after bankruptcy court admits Ericsson's plea against the company.

The top losers of the BSE Sensex pack were ICICI Bank Ltd. (Rs. 300.20,-2.53%), Hero MotoCorp Ltd. (Rs. 3562.90,-2.47%), State Bank of India (Rs. 244.20,-1.77%), Reliance Industries Ltd. (Rs. 963.15,-1.65%), Adani Ports & Special Economic Zone Ltd. (Rs. 402.00,-1.65%), among others.

On the flip side, Wipro Ltd. (Rs. 274.00,+1.33%), Hindustan Unilever Ltd. (Rs. 1534.00,+1.19%), YES Bank Ltd. (Rs. 349.45,+1.10%), Tata Motors Ltd. (Rs. 182.45,+0.75%), Tata Motors Ltd. (Rs. 312.30,+0.66%), were among top gainers on BSE.

On the sectoral front, oil&gas and PSU stocks emerged as top losers on BSE, falling as much as 1.44 per cent and 1.22 per cent, respectively.

The Market breadth, indicating the overall strength of the market, was weak. On BSE out of total shares traded 2577, shares advanced were 829, while 1621 shares declined, and 127 were unchanged.