oppn parties Stocks Rise And Fall As BJP Falters In Karnataka

News Snippets

  • Centre asks states to give shelter and food to migrant workers to stop them from taking to the streets
  • RBI cuts repo rate by 75 bps, the steepest in 10 years
  • Centre writes to states regarding laxity in monitoring people who had arrived from abroad between January and March
  • Kerala reports a spurt in new cases
  • With 124 fresh cases on Friday, the number of reported cases in India stand at 854
  • Five of a family, including a 9-month-old-baby test positive for Covid-19 in Nadia district in West Bengal on Friday
  • The Pakistani army is reportedly forcibly moving all Covid-19 patients to PoK and Gilgit
  • Untimely azaans in J&K mosques spark panic gathering
  • Stocks rise - Sensex up by 1400 points and Nifty goes above the 8600 mark
  • Rahul Gandhi says the economic package is "the first step in the right direction"
  • The government announces wide-ranging measures to help the poor overcome the economic hardship caused by Covid-19
  • G20 leaders to hold a virtual meeting today to explore ways of fighting Covid-19 in a coordinated manner
  • The Delhi government orders testing of all medical staff after the positive test on a Delhi mohalla clinic doctor
  • As a fallout of a Delhi mohalla clinic doctor testing positive for Covid-19, 900 people in the chain quarantined
  • China offers help to India in the fight against Covid-19 and says India will win the battle at an early date
Death toll reaches 27 as Covid-19 cases across India reach 974 on Saturday
oppn parties
Stocks Rise And Fall As BJP Falters In Karnataka

By admin
First publised on 2018-05-15 22:52:06

About the Author

Sunil Garodia By our team of in-house writers.
The stock markets witnessed a steep rise and an equally steeper fall even as the political drama played out in Karnataka. The markets were sailing on calm seas in the morning as the leads showed a neck to neck fight between the BJP and the Congress. But once BJP started nosing ahead, there was a frenzy of buying which took the markets up, up and up. At one point, the Sensex was up by 455 points from its opening price of the day. The Nifty similarly rose nearly 117 points to come close to the 11000 mark.

But as soon as it became clear that the BJP was not getting past the half way mark, there was selling pressure and both the indices started tumbling. It got worse when the Congress proposed an alliance with the JD(S), even conceding the CM’s post to Kumaraswamy. At the end of the day, the uncertainty was too much for the traders and the market wiped out all the gains of the day with the Sensex closing 13 points lower and the Nifty 4 points from their opening levels. One important fact remained: the Nifty could not be hammered down below the psychological level of 10800 and it meant that the bulls still felt that the BJP will form the government. Hope the Karnataka governor is listening.

Analysts say that the Nifty formed an “Inverted Hammer” or a Shooting Star kind of formation. For the uninitiated, it means that there was selling pressure at higher levels and it could be treated as a reversal pattern (meaning the bears are taking over) but it is not certain and needs confirmation over the next few sessions. Doesn’t it sound like astrological predictions? The market is always upbeat on news of BJP victory. Hence, it has reacted adversely to the party falling short of majority in Karnataka. Traders are advised to tread with caution.

pic courtesy: assignmentexpert.com