Sensex sheds 156 points on political uncertainty

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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.

No let-up in selling by foreign funds and rising global crude oil prices, which hovered near Dollars 80 per barrel, affected investor sentiment, brokers said.

As BJP's lead narrowed in the counting of votes in Karnataka, the Congress went on to offer its support to the JD (S) to form the government.

Besides, weak Chinese economic data and a lack of progress on trade tariff issues between the United States and China further hit investor sentiments.

Intra-day, the Sensex surged 437 points to touch a high of 35,993.53.

The benchmark Sensex slumped 300 points to end at 34,848.30 on Friday on across-the-board selling amid political uncertainty in Karnataka and negative global cues.

Bloomberg data graph
Stocks market shows rise as BJP leads in the Karnataka elections |Bloomberg

The BSE Sensex, which opened at 35,537.85 points, was trading at 35,687.76 points (1.12 p.m.), higher by 131.05 points or 0.37 per cent from the previous day's close at 35,556.71 points. The 30-share BSE index hit a high of 35993.53 in morning trade.

The NSE 50-share Nifty also lost 58.40 points, or 0.54%, to 10,682.70, after shuttling between 10,777.25 and 10,664.50.

Foreign portfolio investors (FPIs) net sold shares worth Rs 699 crore, while domestic institutional investors (DIIs) bought shares worth Rs 229 crore yesterday, as per provisional data. Capital Goods, Metals, Healthcare, Auto, Oil & Gas & Power were the top losers, down 1.5-3%.

On the other hand, reality jumped by 2.06 per cent, FMCG 1.81 per cent, media 0.56 per cent and IT 0.15 per cent.

In the Asian region, Shanghai Composite Index fell 0.48%, while Hong Kong's Hang Seng slipped 0.54%.

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