Sensex down 95 pts, Nifty below 10750 in late morning trade

Sensex down 95 pts, Nifty below 10750 in late morning trade

Sensex down 95 pts, Nifty below 10750 in late morning trade

According to analysts, panic selling erupted after the poll results showed that no single political party had reached the half-way mark for government formation, despite the fact that early trends had indicated a clear majority for the Bharatiya Janata Party (BJP).

Now ruled by the Congress party, Karnataka is home to the technology hub of Bengaluru and is the first major state electing an assembly this year.

Market breadth, indicating the overall health of the market turned positive.

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The Bombay Stock Exchange (BSE) and the National Stock Exchange of India (NSE), the two primary stock exchanges in India representing 4% of the national gross domestic product (GDP), are among the world's fastest growing and highly anticipated stock exchanges.

The bulls stumbled on Dalal Street on Thursday after Brent crude prices hit $80 a barrel level for the first time since November 2014.

"While the markets opened strong but gradually drifted into the red late morning and remained range bound as better than expected results from Bajaj Capital enabled the markets recover some lost ground". A close below the 10,700 mark is considered a week close. The Nifty is now on a weak wicket.

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Shares of Kotak Bank, IndusInd Bank, Asian Paint, NTPC, Reliance, Yes Bank, Adani Ports, Tata Steel, HDFC, Axis Bank, Bharti Airtel and ITC led the fall by dropping upto 2.43 percent.

On the NSE, the top gainers were Lupin, Wipro and Hindustan Unilever. It was followed by Punjab National Bank (Rs. 437.14 million), H E G (Rs. 371.08 million) and PC Jeweller (Rs. 311.28 million). With this, PNB Housing Finance has become more valuable than its parent company PNB.

The biggest declines on the BSE happened during the onslaught of the 2008 Global Financial Crisis and when the Chinese central bank had suddenly moved to devalue the yuan.

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Divi's Labs stock gained 1% after USFDA completed inspection at its Unit 1 manufacturing facility in Telangana with zero observations under Form 483.

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