Moneycontrol News

What a day it has been! After surging over 400 points on the Sensex and a percent on the Nifty, the market managed to end an extremely volatile day on a flat note. Uncertainty around who will form the government in Karnataka made investors wary.

Benchmark indices witnessed a surge in the morning trade after trends showed a clear majority for the Bharatiya Janata Party (BJP) in Karnataka. The Nifty managed to clock 10,900 and traded above those levels.

However, things changed during the afternoon session as BJP was falling just short of a majority figure of 113 seats. In fact, the talk of an alliance between the Congress and JD(S) confused the investors. The Sensex has managed to end over 35,500, while the Nifty closed at 10,800.

Stocks in the news

Avenue Supermarts gained four percent as the stock was added to the MSCI India Index with effect from June 1.

Shares of Punjab National Bank ended around 4 percent lower after it posted highest-ever quarterly loss of Rs 13,471 crore.

Karnataka Bank’s share price fell 2 percent after profit for the March quarter dropped sharply to Rs 11 crore compared to Rs 138.4 crore in corresponding period last fiscal.

Auto component maker JBM Auto has reported a massive 61.1 percent growth year-on-year in profit at Rs 23.6 crore for the quarter ended March 2018, backed by revenue as well as operational performance. The stock has ended over 1 percent higher.

Shares of Indian Hume Pipe closed 4 percent lower as Madhya Pradesh government cancelled an order worth Rs 578.5 crore due to discrepancies.

Dena Bank and Allahabad Bank fell 6-9 percent after the Reserve Bank of India barred these from giving fresh loans.

Fortis Healthcare was up 3% as it said that Manipal-TPG revised its bid for Fortis to Rs 180/share from Rs 160/share.

Bhushan Steel locked in 5% upper circuit after NCLT nod to Tata Steel's resolution plan

Diagnostic chain Dr Lal PathLabs’ share price rallied 10 percent after it reported 27.21 percent rise in consolidated net profit to Rs 40.2 crore for the quarter ended March 31, 2018\.