oppn parties Stocks Rise And Fall As BJP Falters In Karnataka

News Snippets

  • Amit Panghal becomes first Indian male to win silver at the World Boxing Championships
  • "Gully Boy" to be India's entry for the Oscars
  • Rajeev Kumar called an "absconder" by the CBI
  • Alipore court refuses to grant anticipatory bail to Rajeev Kumar
  • Trump likely to sign a mini trade deal with India next week
  • Government planning a loan mela to cover 400 districts in two phases
  • PM Modi says Kashmiris need a hug from all Indians
  • NPA tag will not be put on any MSME till March 20
  • Government likely to announce another economic stimulus package today ahead of the GST Council meet in Goa
  • Air Marshall RKS Bhadauria, slated to retire just a few days from now, to be the next chief of IAF
  • PM Modi slams politicians from his own party who are making irresponsible statements on the Ayodhya case and tells them to wait for the Supreme Court order
  • Telecom panel says resident welfare associations (RWA) cannot give monopoly access to any one service provider and infrastructure in public spaces and residential complexes will have to be shared by all
  • Mamata Banerjee meets Amit Shah, tells him there is no need for an NRC in Bengal
  • After 14 days, there is no hope left for reviving Vikram, the moon lander
  • CBI teams search for elusive Rajeev Kumar
Election Commission announces elections in Maharashtra and Haryana on October 21. Counting and results on October 24. Bypolls, including for 15 seats in Karnataka, will be held simultaneously
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Stocks Rise And Fall As BJP Falters In Karnataka

By admin

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