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Sensex zooms as BJP smells victory in Karnataka

WION Web Team
New Delhi, Delhi, IndiaUpdated: May 15, 2018, 10:11 AM IST

File photo Photograph:(Reuters)

The stock market on Wednesday saw a boom in the morning as Karnataka elections prevail with BSE Sensex opening around 20 points in the negative but made it to the green zone. 

At 9.30 am, Sensex was up more than 260 points at 35,759.40. The broader NSE Nifty also jumped 70.50 points, or 0.65 per cent, to 10,877.10.

Overseas, markets in Asia were trading mixed as investors assessed the outlook for trade relations between the US and China and tensions in the Middle East. 

Foreign portfolio investors (FPIs) bought shares worth a net Rs 717.99 crore while domestic institutional investors (DIIs) bought shares worth Rs 687.23 crore yesterday, as per provisional data.

Also,  the rupee declined by 28 paise to a fresh 16-month low of 67.79 against the dollar in early trade today amid gains in the US currency overseas.

Forex dealers said the dollar strengthened against major global currencies today, having pulled up from its lowest level in more than a week as hopes for easing global trade tensions pushed US bond yields higher.

Early losses in stock markets and demand for the US currency from importers also weighed on the local unit, they added.
Yesterday, the rupee had lost 18 paise to end at a fresh 16-month low of 67.51 against the US currency on heavy dollar purchases and sustained fund outflows from equities.