Moneycontrol News

The S&P BSE Sensex closed flat with a positive bias on Monday while Nifty50 closed at the same level which was recorded on Friday ahead of crucial Karnataka poll outcome due tomorrow.

Most of the exit polls suggest a hung assembly with BJP poised to be the single largest party in the Karnataka state elections.

“A victory for the BJP will be received well by the market but a narrow defeat will not dent the market’s optimism regarding the BJP’s chances in the general elections next year,” Kotak Institutional Equities said in a note.

“The market has pinned its hopes on earnings recovery and largely ignored the deterioration in the macro, which may weigh on heady multiples,” it said.

The S&P BSE Sensex closed 20.92 points higher or 0.06 percent at 35,556.71\. It hit an intraday low of 35,456.56, and an intraday high of 35,642.72\.

The Nifty50 closed 0.10 point higher at 10,806.60\. It hit an intraday high of 10,834.85, and an intraday low of 10,774.75\.

On the sectoral front, S&P BSE Banking index rose 0.17 percent, followed by the S&P oil & gas index which was up 0.16 percent, and the S&P BSE PSU index was up 0.11 percent.

On the losing front, the S&P Consumer Durable index lost 2.5 percent, followed by the S&P BSE telecom index which was down 1.1 percent, and the S&P Auto index shed 0.93 percent.

The S&P BSE Smallcap index slipped 1 percent, while the S&P BSE Midcap index was down 0.88 percent.

Top Sensex gainers include companies like NTPC (up 2.5 percent), Dr Reddy’s Laboratories (up 1.2 percent), IndusInd Bank (up 1.07 percent), and SBI (up 0.98 percent).

Top Sensex losers include names like M&M (down 2.1 percent), Tata Motors (down 2.05 percent), Yes Bank (down 1.5 percent), Bharti Airtel (down 1.09 percent), and Adani Ports (down 0.94 percent).